Sound Point Capital will provide Pyxus International with a bankruptcy court-approved $75 million revolving credit facility upon the effective date, subject to satisfaction or waiver of certain conditions, of a prepackaged plan of reorganization between Pyxus and its affiliated debtors. The plan was approved by each class of creditors entitled to vote.
Of those that submitted ballots, holders of 100% of first lien notes (holding more than $266 million of principal) and more than 99% of the second lien notes (holding more than $524 million of principal) voted in favor of the prepackaged plan.
“The level of support from our first lien and second lien noteholders in favor of the prepackaged plan, and the commitment from Sound Point to finance the company’s go-forward working capital needs, reflects their collective confidence in our proposed restructuring transaction and future business strategy,” Pieter Sikkel, president and CEO of Pyxus, said. “The company looks forward to working with its creditors and its other constituents to complete its restructuring process and emerge from the Chapter 11 in the near term.”
The hearing to consider approval of the prepackaged plan is scheduled for Aug. 18 at 9:30 a.m. ET.
Pyxus International is a global agricultural company.
