- Venator Materials Plc (NYSE:VNTR) announces an agreement on the terms of a comprehensive recapitalization plan that will be implemented in the United States through a prepackaged Chapter 11 process.
- A debtor-in-possession financing facility will fund the recapitalization, which includes a commitment of $275 million in new money from VNTR's supporting creditors.
- Simon Turner, President, and Chief Executive Officer of Venator, commented: "We have faced unprecedented economic headwinds, including significantly lower product demand and higher raw material and energy costs in the second half of 2022, but Venator's management, alongside our advisors, has worked tirelessly to assess all viable options available to us to ensure the long-term sustainable success of the Company."
- Venator's businesses are expected to continue operating normally during the process, and it expects to continue paying wages and benefits to its global workforce and trade partners.
- Venator expects to complete its Chapter 11 process within approximately two months.
- The company expects to be delisted by the New York Stock Exchange under its rules.
- Price Action: VNTR shares closed 7.66% lower at $0.2687 on Friday.
