We advised the cross-holder creditor group of term loan lenders and noteholders in the context of the debt restructuring of the UK-based chemical giant Venator Materials PLC, which successfully completed its Chapter 11 recapitalisation process and emerged with an improved balance sheet and lower debt.
Venator's recapitalisation plan was confirmed by the US bankruptcy court on July 25, 2023. Venator has successfully managed to significantly reduced its debt from more than USD 1 billion to approximately USD 200 million upon its emergence from Chapter 11 proceedings. The majority of the Venator's recapitalised equity is now owned by its former lenders by virtue of the equitization of its prepetition debt. It is expected that the Company's credit rating will improve in due course to reflect its improving credit profile.
Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring colour and vibrancy to buildings, protect and extend product life, and reduce energy consumption.