Portola Packaging Inc. emerges from Pre-Packaged Bankruptcy; Closes $56 Million Senior Credit Facility

Batavia IL. – November 26, 2008 - Portola Packaging Inc. (“Portola”) today announced that it has completed the process of de-leveraging its balance sheet. The re-structuring has significantly reduced Portola’s total outstanding indebtedness and associated interest expense. During the pre-packaged chapter 11 reorganization, Portola continued to operate without any disruption or effect on suppliers and customers while it eliminated $180MM of debt from its balance sheet. In connection with the re-structuring, Portola converted all of the 8.25% senior notes into equity. Portola has emerged from the re-structuring with strong financial sponsorship. Funds managed by Wayzata Investment Partners (“Wayzata”) are now Portola’s majority shareholder, and Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC), and its lending partners have provided a senior loan facility for the company.