Klockner Pentaplast (kp) has obtained confirmation from the US Bankruptcy Court for the Southern District of Texas for its reorganisation plan. The approval allows the packaging group to proceed with its financial restructuring and exit the Chapter 11 process. The court-approved plan was developed and funded with the backing of an ad hoc group of the company’s first-lien lenders and noteholders. Once the process is completed, kp expects to remove €1.3bn ($1.52bn) of funded debt from its balance sheet a ...