April 23, 2025 16:05

Texas-based polyamide 66 producer Ascend Performance Materials has filed for and received approval from the U.S. Bankruptcy Court for the Southern District of Texas to begin a voluntary Chapter 11 process.
The measure allows financially distressed companies to reduce debt and restructure operations without disruptions or creditor interference.
The group’s foreign subsidiaries are not affected by the filing.

Ascend will operate as usual throughout the process and will continue to manufacture and produce high-performance materials.

To support the transition, lenders have committed to a $250 million debtor-in-possession financing facility, deemed sufficient to ensure liquidity during the process. The company aims to complete the restructuring within six months.

“Ascend has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before,” said Phil McDivitt, president and CEO of Ascend Performance Materials. “Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy.”

“We are confident that the Chapter 11 process will put us on a path to becoming 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,” McDivitt added.

Ascend reports annual revenues of around $3 billion. The company is headquartered in Houston, Texas, with manufacturing sites across North America, Europe and Asia.

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