Paper, Packaging & Industrial Products Structured Finance · Debt Restructuring Confidential Client

Structured Debt Refinancing — Paper Board Manufacturer

A recovery-oriented structured refinancing for an established paper-board and packaging-materials manufacturer under liquidity pressure during a major modernisation and capacity-enhancement cycle.

The situation

Capex overrun
Approximately seven months of non / low operations
Approximately 31% revenue decline over two years
Promoter support to project completion, finance costs and working capital
Need to align debt servicing with the operational recovery cycle

Embee advisory approach

Stakeholder alignment and lender engagement
Structured refinancing
Debt swap / refinancing using listed secured NCDs
42-month tenor
Lower initial coupon followed by a step-up structure
Recovery-oriented repayment design

Embee role

A viable manufacturing business can experience severe liquidity pressure even when the underlying expansion strategy is sound.

Embee Financial Services worked on a structured, recovery-oriented refinancing approach designed to reduce immediate repayment pressure, align debt servicing with the business’s operational ramp-up and create a more sustainable capital structure.

The transaction demonstrates how structured debt advisory can bridge the gap between temporary liquidity stress and long-term business strength.

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