Leadership Sees Reset, Not Retreat
“Under our new, significantly de-leveraged capital structure, we are creating more flexibility to invest in our products, our people, and our customers,” CEO James Rooney said in a statement. He added that the company aims to exit the process stronger and better positioned to deliver value to customers and partners.
Post-Pandemic Pressures Took a Toll
In a first-day declaration, Barreto said Pretium has faced mounting challenges as demand normalized across the industry after the pandemic, leading to softer order volumes and lower manufacturing utilization.
Those pressures were compounded by inflation, supply chain disruptions and other operational hurdles, he said, creating headwinds that ultimately pushed the company toward restructuring.
Creditors, Operations and Workforce
Pretium listed up to 10,000 creditors in its petition. Among the largest unsecured creditors are Polymers Sales & Logistic, holding about $2.8 million in trade claims, and Equistar Chemicals LP, owed roughly $1.8 million.
Founded in 1992 and headquartered in St. Louis, Pretium is a major producer of rigid packaging, manufacturing plastic bottles, jars, closures, trays and other containers. As of the filing date, the company operates 24 manufacturing facilities across the United States, Canada, Mexico, Ireland and the Netherlands, and employs about 3,100 people worldwide.
A company representative did not immediately respond to a request for comment Thursday.
Pretium is represented in the Chapter 11 case by Michael D. Sirota of Cole Schotz PC.
