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Ascend Performance Materials Successfully Emerges from Chapter 11
Ascend cut $1.3 billion in long-term debt and secured over $600 million in new capital to enhance liquidity and support future growth, company said.
- Earlier this month, Ascend Performance Materials announced it completed its restructuring and emerged from Chapter 11 after the U.S. Bankruptcy Court's confirmation of its Plan.
- Restructuring focused on deleveraging and liquidity, as Ascend sought to cut long-term debt by approximately $1.3 billion and secure more than $600 million from new shareholders.
- Legal and financial advisers including Kirkland & Ellis LLP and FTI Consulting guided Ascend through the Chapter 11 process, securing a $350 million asset-based credit facility and lowering debt service costs.
- Ascend Performance Materials plans to reinvest in reliability and efficiency to support long-term growth and leadership in nylon resins and engineering thermoplastics, continuing supply to automotive safety, clean energy and medical devices.
- Ascend's Houston, Texas headquarters and regional offices in Shanghai, Brussels and Detroit support global markets, with case details available at Epiq or via provided phone numbers.
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