December 11, 2025 16:38

Ascend Performance Materials, a major U.S. producer of polyamide 66, is preparing to exit Chapter 11 proceedings after the U.S. Bankruptcy Court for the Southern District of Texas approved its Plan of Reorganization.
According to the company, the plan will result in a stronger capital structure and significantly reduced debt.

Ascend is expected to emerge from Chapter 11 by the end of the year. In the meantime, the company continues to operate normally, maintaining production and deliveries in accordance with U.S. bankruptcy procedures.

This new chapter will be led by Patrick Schumacher, who has been appointed chief executive officer, succeeding Phil McDivitt. McDivitt will remain with the company as a special adviser to the board and CEO to ensure a smooth transition as Ascend completes its financial restructuring.

“As we work toward a successful financial restructuring, I am confident that now is the right time to transition leadership of Ascend,” said McDivitt. “Patrick has a strong record of driving operational improvements, increasing profitability and leading teams through transformation. His leadership will be instrumental as the company continues to execute on its growth strategy, build industry trust and deliver long-term value.”

Schumacher joins Ascend from Olin Corp., where he served as corporate vice president leading the Chlor Alkali Products & Vinyls division and the global integrated supply chain. Prior to that, he held senior executive roles at Celanese, including senior vice president of Engineered Materials and Acetate Tow. Early in his career, he led the chemicals M&A practice at The Blackstone Group and held senior positions at UBS and Lehman Brothers.

“I am thrilled to lead what will become Ascend’s resurgence,” said Schumacher. “The people of Ascend have exhibited incredible resilience and determination, and I’m honored to work alongside them to bring the company back to strong financial performance.”

With headquarters in Texas, Ascend manufactures PA66 for applications in plastics and fibers, with annual revenues of around $3 billion. The company entered voluntary Chapter 11 proceedings at the end of April, a legal process that allows financially distressed companies to restructure their debt and operations while continuing business without disruption or creditor actions.

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