A court in the Netherlands has approved a restructuring plan for Schoeller Arca Systems, the plastic packaging company, that could have wider repercussions for other European companies trying to renegotiate their debts.

Under the plan, One Equity Partners, the private equity company, will keep control of SAS through a pre-packaged sale of the business to a new entity with the senior lenders’ debt claims staying in place, according to people familiar with the situation.