Cost-savings & CapEx DisciplineA committed $120m cost-savings program and a permanent cut to expansionary CapEx improve structural cash flow and margin flexibility. Over 2-6 months this reduces cash burn, supports EBITDA resilience, and increases optionality to deleverage without dilutive capital raises.
Refinancing And Liquidity BufferA larger, longer-dated term loan and an upsized RCF materially extend the company’s liquidity runway. This structural liquidity cushion lowers near-term refinancing risk, allows execution of restructuring actions, and reduces forced asset-sale likelihood while market recovery is pursued.
Strategic JV To Reduce European ExposureA planned JV with UPM represents a strategic structural shift to shrink low-margin European graphic exposure, capture synergies, and potentially monetize assets. If completed, it should improve long-term earnings mix and materially aid debt reduction and capital redeployment.