White & Case advises Anchor Glass Container Corporation on recapitalization

Global law firm White & Case LLP has advised Anchor Glass Container Corporation, a leading North American manufacturer of premium glass packaging products, on a comprehensive recapitalization.

The transaction strengthened Anchor Glass Container's balance sheet by reducing its nearly US$900 million of total indebtedness by more than 60 percent and injecting US$100 million of fresh liquidity into the company. The company's revolving credit facility was also refinanced as part of the transaction.

The transaction will materially strengthen the company's capital structure and position the business for long-term growth. As part of the recapitalization, the company's first- and second-lien holders will become the majority owners of the business.

Anchor Glass has longstanding relationships with blue-chip companies across the food, beverage, liquor, ready-to-drink and craft beer end-markets. The company employs approximately 1,500 people and operates five glass manufacturing facilities located in New York, Oklahoma, Indiana, Minnesota and Georgia.

The White & Case team was led by Financial Restructuring and Insolvency partner Bojan Guzina (Chicago) and associates Varoon Sachdev, Anais Mitra (both in Miami), Brett Bakemeyer, Alex Konstantynovski, Ryan Beil, Peter Strom and Golshid Zahiremami (all in New York), Maria Protic, Don Mago and Sophia Hurley (all in Chicago); Debt Finance partners Brett Pallin and Justin Wagstaff, and associates Shana Vantusko, Jessy Van Kooten and Nick Townsend (all in New York) and Landon Oakes (Chicago); M&A partners Oliver Brahmst and Daniel Kozin, and associates Jane Kim and Peter Shelburne (all in New York); Tax partner Scott Fryman (New York); and Employment, Compensation & Benefits partner Tal Marnin (New York). Law clerk Gabrielle Sanchez (New York) also assisted on this matter.

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