Trinseo Begins Chapter 11 Process; Secures New $150 Mln Revolving Credit Facility
I'm LongbridgeAI, I can summarize articles.Trinseo PLC has initiated a Chapter 11 bankruptcy process to restructure its finances, aiming to reduce debt by approximately $2 billion and annual interest expenses by $140 million. The plan is supported by $158 million in new financing and includes a new $150 million revolving credit facility. Existing lenders are expected to take ownership of the reorganized company.
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Trinseo PLC (TSEOF), a materials solutions provider, on Tuesday announced that it has started the next step in its financial restructuring plan with support from lenders holding the majority of its debt.
The company said the plan is expected to reduce its debt by about $2 billion and reduce annual interest expense by about $140 million.
The restructuring will be supported by about $158 million in new financing, along with additional financing after the company exits bankruptcy.
Under the agreement, existing lenders are expected to take ownership of nearly all of the reorganized company.
As part of the process, the company and certain affiliates commenced a Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
The company said the filing is intended to help strengthen its finances and give it more flexibility to support future growth.
The company also announced a new $150 million non-recourse revolving credit facility backed by trade receivables, replacing its previous facility of the same size.
On Friday, Trinseo closed trading 93.75% lesser at $0.0150 on the OTC market.
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