We advised an ad hoc group of first-lien and second-lien lenders on the transaction

Davis Polk advised an ad hoc group of first-lien and second-lien lenders in connection with a comprehensive out-of-court recapitalization of Anchor Glass Container Corporation. Pursuant to the terms of the transaction, Anchor Glass reduced its debt by about 60% and participating lenders injected $100 million of new money into the business. As a result of the transaction, lenders in the ad hoc group became the majority owners of the company. The company also refinanced its existing revolving credit facility.

Anchor Glass is a leading North American manufacturer of premium specialty glass packaging products. 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 Davis Polk restructuring team included partner Damian S. Schaible, counsel Aryeh Ethan Falk and Michael Pera and associates Amber Leary and Mckenzie K. Whalen. The restructuring finance team included partner Christian Fischer and associates Christopher Martin and Carly (Yoona) Cha. Partner Lucy W. Farr provided tax advice. The corporate team included partner Harold Birnbaum and counsel Jacob S. Kleinman. Partner Adam Kaminsky provided executive compensation advice. Partner Randall Derek Walters provided derivatives advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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