VNTR - Venator Materials files for Chapter 11 bankruptcy

2023-05-15 06:41:48 ET

Venator Materials ( NYSE: VNTR ) said Monday it reached agreement with lenders and noteholders on a recapitalization plan to be implemented through a prepackaged Chapter 11 bankruptcy in the U.S.

The recapitalization will be financed by a debtor-in-possession financing facility, which includes a commitment for $275M in new-money financing from the company's creditors.

Venator's ( VNTR ) business is expected to operator as normal during the bankruptcy; its stock is expected to be delisted from the NYSE and continue trading over the counter.

More on Venator Materials:

• Financial and valuation comparisons with sector peers
• Analysis: Venator Materials: Insolvency Seems Just Around The Corner
• Stock price return: Down 56.5% YTD, down 85% in the past 12 months

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