The 18-month package is headed by a group comprised of Alpha’s first and second lien lenders and provides for up to $692 million in financing.

“Finalising this package with the support of both our secured lenders and unsecured Creditors Committee represents a significant milestone in our restructuring,” chief financial and strategy officer Philip Cavatoni said.

“We believe that, in concert with existing liquidity, this package provides the financial flexibility needed to navigate the Chapter 11 process.”