Tekni-Plex in talks to restructure subordinated notes; forbearance extended to March 27

By Caroline Salls

Pittsburgh, March 17 - Tekni-Plex, Inc. has begun discussions on a possible restructuring of its 12¾% senior subordinated notes due 2010, according to a company news release.

In addition, the company said it has received an extension through March 27 of the forbearance agreement reached in January with 91% of the subordinated noteholders and 67% of the holders of its 8¾% senior secured notes due 2013 in connection with an interest default.

Tekni-Plex is a Somerville, N.J.-based manufacturer of packaging, packaging products and materials, and tubing products.

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