Davis Polk & Wardwell advised Tekni-Plex, Inc. on an out-of-court restructuring of its balance sheet, pursuant to which over $300 million of its 12.75% senior subordinated notes due 2010 were exchanged for common stock, the company’s preferred stock was exchanged for three series of warrants and the company’s existing common stock was repurchased by the company. Davis Polk also advised Tekni-Plex on an upsizing of its credit facility to $110 million.

Tekni-Plex is a global, diversified manufacturer of packaging, packaging products and materials, as well as tubing products. The company primarily serves the food, health care and consumer markets. Tekni-Plex has operations in the United States, Europe, China, Argentina and Canada.

The Davis Polk team included partners Lawrence E. Wieman, Marshall S. Huebner and Michael Kaplan, and associates Jean Weng, Brian M. Resnick, Hugh McCullough, Joanna A. McGinley, Florian Feder, Alexander N. Macleod (not yet admitted) and Hilary Dengel (not yet admitted). Additionally, partner Gail A. Flesher and associate Brianne M. Lucyk provided environmental advice, partner Kathleen L. Ferrell and associate Joshua Ruland provided tax advice, associate Ada Dekhtyar provided executive compensation and employee benefits advice and counsel Susan D. Kennedy provided real estate advice. All members of the Davis Polk team are based in the New York office.