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FTI Consulting handles Ascend Performance Materials, chemicals/engineered products company, as it files for Chapter 11 in an effort to “deleverage” its balance sheet.
The bankruptcy process is pitched “as a value-maximizing restructuring transaction” that will enable Ascend to emerge from Chapter 11 as a healthy, well-capitalized business.
Lenders have extended $250M in debtor-in-possession financing to Ascend, which is expected to support the company’s Chapter 11 journey over the next six months.
CEO Phil McDivitt has been working with creditors over the past few months to plot the future for Ascend.
He said Chapter 11 will enable Ascend to become “an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers.”
Headquartered in Houston, Ascend has regional offices in Detroit, Brussels and Shanghai.
FTI Consulting’s Rose Temple and Rachel Chesley work the Chapter 11 filing.
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