Redwood, Silver Point to Pick Klöckner Pentaplast Board Members

Redwood Capital Management LLC and Silver Point Capital LP will each appoint a director to Klöckner Pentaplast’s board once the packaging firm formerly owned by Strategic Value Partners LLC emerges from bankruptcy.

The five-member board will also include two individuals initially selected by the steering committee of lenders, according to documents filed Monday in US Bankruptcy Court in Houston. Redwood and Silver Point will retain their directorships as long as they keep half of their initial equity position and at least 10% of the new equity of the company.