Portola Packaging confirms plans

BATAVIA - Portola Packaging Inc., a manufacturer of tamper-evident closures, plastic containers, cosmetic packaging and related products and engineering services for the dairy, juice, water and cosmetic industries, announced that the Delaware Bankruptcy Court had confirmed Portola's chapter 11 plan of reorganization. Confirmation of its plan came after Portola obtaining an exit financing commitment from Wells Fargo Foothill, LLC and Regiment Capital Special Situations Fund IV, LP for a $66 million senior secured credit facility. Having obtained confirmation of its plan, Portola remains on track with its current timetable to emerge from chapter 11 by the end of October.