W/S Packaging Holdings Inc. 'CCC' Rating Placed On CreditWatch Positive Pending New Capital Structure

W/S Packaging Holdings Inc. was recently acquired by Platinum Equity in an all-cash deal. Therefore, we are placing our 'CCC' corporate credit rating on CreditWatch with positive implications. The company is evaluating a new capital structure for the near future, which should alleviate some of the covenant and liquidity issues the company has experienced. We expect to resolve the CreditWatch placement once the company discloses more information on the new capital structure, and terms and conditions of the transaction. NEW YORK (S&P Global Ratings) Feb. 16, 2018--S&P Global Ratings today placed its 'CCC' corporate credit rating on W/S Packaging Holdings Inc. on CreditWatch with positive implications. The CreditWatch placement follows W/S Packaging's expectation of a new capital structure. While details

...+ W/S Packaging Holdings Inc. was recently acquired by Platinum Equity in an all-cash deal. + Therefore, we are placing our '###' corporate credit rating on CreditWatch with positive implications. + The company is evaluating a new capital structure for the near future, which should alleviate some of the covenant and liquidity issues the company has experienced. + We expect to resolve the CreditWatch placement once the company discloses more information on the new capital structure, and terms and conditions of the transaction. NEW YORK (S&P Global Ratings) Feb. 16, 2018--S&P Global Ratings today placed its '###' corporate credit rating on W/S Packaging Holdings Inc. on CreditWatch with positive implications. The CreditWatch placement follows W/S Packaging's expectation of a new capital structure. While details of the new capital structure are unknown, we believe it should improve liquidity and covenant issues, resulting in a higher rating. We expect to resolve the CreditWatch placement after...

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