#United States #Bankruptcy #Houston #Ascend Performance Materials #Restructuring Plan

Ascend Performance Materials Restructuring Plan Confirmed

Ascend Performance Materials has recently received confirmation of its restructuring plan from the U.S. Bankruptcy Court for the Southern District of Texas. This significant milestone signals the Company's path to emerging from Chapter 11 in the coming weeks, with a significantly reduced debt load and a strengthened capital structure designed to facilitate future growth.

Phil McDivitt, the President and CEO of Ascend, expressed excitement over the successful confirmation. "We are thrilled to reach this milestone," McDivitt stated. He mentioned that since the restructuring process commenced, the hardworking team at Ascend has focused on enhancing the business's strength, ensuring that the company is well-positioned for profitable growth moving forward. McDivitt also thanked employees, customers, vendors, and lenders for their unwavering support throughout the process.

Following the successful transactions outlined in the plan, Ascend expects to complete its financial restructuring by the end of the year, reestablishing operations as usual in the meantime. The company continued to manufacture engineered materials that play an essential role in improving life quality today, while also laying the groundwork for a more inspiring future.

Ascend Performance Materials is known for producing high-performance and durable engineered materials utilized in numerous everyday essentials and emerging technologies. The Company prides itself on its commitment to safety, quality, and exceptional performance. As it prepares to navigate out of bankruptcy, the emphasis on these core values remains a priority.

Once finalized, the new structure aims to not only position Ascend for profitability, but to enhance its ability to innovate and expand its market reach in the high-performance materials sector. The anticipated completion of the restructuring process promises to pave the way for Ascend to solidify its leadership role in the industry.

Ascend's commitment to safety and sustainability remains unwavering. The company seeks to improve quality of life while advancing sustainable practices in its operations. With regional offices located in Shanghai, Brussels, and Detroit, and manufacturing facilities spread across North America, Europe, and Asia, Ascend is positioned as a fully integrated material solutions provider. The firm's global workforce produces materials for a wide range of applications, including safer vehicles, cleaner energy solutions, enhanced medical devices, and durable consumer products.

Moreover, access to additional information about Ascend's restructuring effort can be found on their official website and through relevant bankruptcy court filings. As the situation continues to develop within the company, key advisors like Kirkland & Ellis LLP (legal counsel), FTI Consulting (financial advisor), and PJT Partners (investment banking) remain engaged in guiding the organization through its transformational journey.

This restructuring presents a rejuvenating opportunity for Ascend Performance Materials, enabling it to decrease its debt and enhance its financial resilience. The upcoming months promise to be exciting as the Company moves toward solidifying its operational foundations and igniting its potential for future growth within the competitive landscape of engineered materials.