Tekni-Plex wraps consent solicitation for 10 7/8% notes, 8¾% notes, amends indentures

New York, Dec. 8 - Tekni-Plex, Inc. said it completed its consent solicitation for its 10 7/8% senior secured notes due 2012 and 8¾% senior secured notes due 2013 and amended the note indentures.

The Somerville, N.J., manufacturer of packaging and tubing products was seeking to amend covenants in the indentures to waive through Dec. 30, 2009 its failure to comply with the requirement that it file an annual report on form 10-K for the fiscal year ended June 27, 2008 and a quarterly report on form 10-Q for the fiscal period ended Sept. 26, 2008.

During the waiver period, Tekni-Plex said it will use its reasonable efforts to provide the trustee and the holders of the notes with unaudited quarterly and annual financial information.

The consent solicitation also seeks consents to direct the trustee to execute and deliver an amendment to the access, use and intercreditor agreement to reflect the company's incurrence of a new $15 million term loan.

Holders who delivered consents were paid $5.00 in cash per $1,000 principal amount of notes, or a total of $1,317,710.

The solicitation expired at 5 p.m. ET on Dec. 2 and the amendment was completed on Dec. 5, according to an 8-K filing with the Securities and Exchange Commission.

Tekni-Plex previously announced on Nov. 26 that it had received the needed consents from at least a majority of holders ahead of the consent deadline.

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