 |
Prospector
Profile
1109-04
|
| |
| Tekni-Plex, Inc. |
NAICS |
326110 |
| 260 North Denton Tap Rd.
Coppell, TX 75019 |
Description |
Packaging Products Mfg. |
| (972) 304-5077 |
Employees |
3100 |
| http://www.tekni-plex.com/ |
Revenue |
(mil) |
773.3400 |
| |
Income |
(mil) |
-61.3100 |
| |
Assets |
(mil) |
639.2900 |
| |
Liability |
(mil) |
986.9200 |
| |
(for the year ended 2007-06-29) |
| |
|
Category:
Low Rating
|
| |
|
Event:
Moody's Investors Service affirmed the ratings of Tekni-Plex, Inc., and changed the outlook to negative from stable, reflecting disappointing operations in the company's tubing segment for 2007 together with tighter liquidity and EBITDA below plan. The ratings affirmed include the $275 million 8.75% sr. secured second lien notes due 2013, to Caa1 (LGD3, 46%) from Caa1 (LGD3, 45%); $275 million 12-3/4% sr. subordinated notes due 2010, rated Caa3 (LGD5, 85%); $40 million 12-3/4% sr. subordinated notes due 2010, rated Caa3 (LGD5, 85%); Caa1 Corporate Family Rating; and Caa1 Probability of Default Rating. The company's ratings remain constrained by high financial leverage, poor interest coverage, and negative free cash flow.
|
| |
|
Intellectual Property:
The Company produces its primary components internally, including proprietary material formulations and brass couplings. Innovations have included its Pressure Master® and Kink Free® product lines, which utilize its DuraFlow® technology as well as Colorite® Evenflow® design. [SEC Filing 10-K 09-27-07]
|
| |
|
Description:
The Company manufactures packaging, packaging products, and tubing products for the food, healthcare, and consumer industries. The Company also makes vinyl resins and recycled PET used in a variety of industries.
|
| |
|
Officers:
F. Patrick Smith (Chair, Pres. & CEO); Edward Goldberg (SVP); James E. Condon (VP, Sec., CFO & Dir.); John S. Geer (Dir.); J. Andrew McWethy (Dir.); Michael F. Cronin (Dir.)
|
| |
|
Auditor:
BDO Seidman LLP
|
| |
|
Securities:
12 3/4% senior subordinated notes due June 15, 2010; 8 3/4 % senior secured notes due November 15, 2013; 10.875% senior secured notes due August 15, 2012.
|
| |
| |
| |
| return to main page |
|
|
