SK Capital-backed Chemical Business Romance File Bankruptcy

(Bloomberg) – Ascend Performance Materials Inc., a chemical -supported company supported by SK Capital Partners, has submitted bankruptcy, saying that they intend to restructure support from its borrowers. Ascendon-based Ascend and its corporate subsidiaries sought Texas assets and liabilities of between $ 1 billion and $ 10 billion on the Chapter 11 Request on Monday. Ascendend said submitting bankruptcy will enable the business to prune debt from its balance sheet while continuing to work as usual. Company lenders agreed to provide $ 250 million in Chapter 11 financing to support emergence during the restructuring process. The company said it expected to complete its restructuring within about 6 months. Ascendend said his non-American subsidiaries were not included in the chapter 11 filings. The submission of the bankruptcy follows discussions between the company and its lenders to exchange part of their debt for equity in the company trapped for cash, Bloomberg reports. Some lenders also agreed in March to provide new rescue financing, Bloomberg reports. Sk Capital Partners presented in 2009 at Ascendia of Solutia Inc. bought for about $ 54 million. Ascendend then grew rapidly with the purchase of facilities in Europe and China, with capital of a small pool of investors. Ascendend has previously said that they hold talks with borrowers to strengthen its finances and maximize the value for TIS stakeholders. “Over the past few months we have been working with our lenders to define the best way forward for Ascend,” Phil McDivitt, chief executive of the chief, said in a Monday statement. “We expect the restructuring to significantly reduce the funded debt obligations of Ascend and ensure that we are well positioned to continue the execution of our long -term strategy.” -With help from Reshmi Basu. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP first published: 22 Apr 2025, 01:54 am Ist