On Jan. 23, 2003, Standard&Poor's Ratings Services affirmed its ratings on Consolidated Container Co. LLC and its wholly owned subsidiary, Consolidated Container Capital Inc. (see list below), and removed them from CreditWatch where they were placed Oct. 7, 2002. The actions followed the company's announcement that it has obtained an amendment to its credit agreement, which provides a measure of relief from liquidity and financial covenant pressures, as well as onerous debt maturities. The amendment included a significant reduction in the bank amortization schedule until June 2005, and modified financial covenants. In addition, the company's equity sponsors lent financial support through a $35 million term loan due 2007. Atlanta, Ga.-based Consolidated is a domestic producer of rigid plastic
