Packaging group Smurfit Kappa has succeeded in extending its debt maturities.
The plan, announced earlier this month, is aimed at giving the group more financial flexibility by pushing out the dates when it must repay loans.
Smurfit Kappa said this morning it had received permission for the extensions in more than 95% of cases. The minimum required level was two-thirds.
"Our net debt reduction of €358m to €2.75 billion in the full year 2011, combined with the extension of our debt maturity profile, provides us with significantly enhanced financial flexibility,” said chief financial officer Ian Curley.
