#United States #Houston #Chapter 11 #Ascend Materials #Reorganization Plan

Ascend Performance Materials Secures Court Approval for Reorganization Plan

On October 20, 2025, Ascend Performance Materials, a prominent manufacturer of high-performance materials, announced that the U.S. Bankruptcy Court for the Southern District of Texas granted approval for its Disclosure Statement. This milestone marks the initiation of an essential process as the company seeks to solicit votes on its proposed Plan of Reorganization.

The approval signifies an important step forward for Ascend as it aims to emerge from Chapter 11 bankruptcy by the fourth quarter of 2025 with a solidified financial structure. The Disclosure Statement provides creditors with critical information about the terms of the reorganization plan and will accompany voting ballots distributed to eligible creditors. The court has established a voting deadline of November 18, 2025, at 4:00 PM Central Time, after which a hearing for confirmation of the plan is set for November 24, 2025.

Phil McDivitt, president and CEO of Ascend Performance Materials, expressed his satisfaction with this progress. He emphasized that the company entered this restructuring process with a clear objective: to fortify its financial foundation in order to pursue long-term growth effectively. McDivitt acknowledged the ongoing support from customers, partners, and employees in navigating this restructuring journey. He stated, "Today's milestone represents meaningful progress toward that goal. I'm deeply grateful to our customers and partners for their continued trust, and to our employees for their dedication and hard work."

Additionally, a spokesperson for the consortium of new investors announced their commitment to inject over $500 million in fresh equity capital. This investment is designed to support Ascend's efforts to significantly reduce its debt load and foster the company's long-term development. The spokesperson expressed confidence in Ascend's promising prospects and expressed eagerness to partner with the company moving forward.

Ascend Performance Materials specializes in producing materials that contribute to a variety of everyday essentials and innovative technologies. With facilities located in North America, Europe, and Asia, Ascend is dedicated to improving the quality of life through its products. The company continues to prioritize safety, sustainability, and the overall success of its customers and communities amidst this restructuring period.

For more detailed insights on Ascend's restructuring efforts, visit Ascend's official website. Information regarding bankruptcy court filings related to the case can also be accessed at Epiq's website.

Ascend's advisors in this restructuring case include Kirkland & Ellis LLP providing legal counsel, FTI Consulting as a financial advisor, and PJT Partners serving as investment banker. The ad hoc group of term loan lenders is supported by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group, L.L.C. as its investment banker.