Ascend Performance Materials announced that, with the support of its key stakeholders, it has initiated Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials to global customers. Ascend's subsidiaries that are located outside of the U.S. are not included in the Chapter 11 filings.

With the support of its lenders, Ascend will use the Chapter 11 process to pursue a value-maximizing restructuring transaction that will enable the Company to emerge from Chapter 11 as a healthy, well-capitalized business.

The Company will operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials. In connection with this process, the Company has received a commitment for $250 million in debtor-in-possession financing from its lenders, which is expected to provide the Company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months.

“Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy,” said Phil McDivitt, President and CEO of Ascend Performance Materials.

Ascend has filed a number of customary "First Day" motions with the Bankruptcy Court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The Company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the Bankruptcy Code.

Ascend Performance Materials announced that, with the support of its key stakeholders, it has initiated Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials to global customers. Ascend's subsidiaries that are located outside of the U.S. are not included in the Chapter 11 filings.

With the support of its lenders, Ascend will use the Chapter 11 process to pursue a value-maximizing restructuring transaction that will enable the Company to emerge from Chapter 11 as a healthy, well-capitalized business.

The Company will operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials. In connection with this process, the Company has received a commitment for $250 million in debtor-in-possession financing from its lenders, which is expected to provide the Company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months.

“Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy,” said Phil McDivitt, President and CEO of Ascend Performance Materials.

Ascend has filed a number of customary "First Day" motions with the Bankruptcy Court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The Company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the Bankruptcy Code.