Chemical Maker Venator Files For Bankruptcy as Sales Slump (1)

Venator Materials Plc filed for bankruptcy after it struggled to boost sales for its industrial additives and pigments in recent months.

The British company listed both assets and liabilities in the range of more than $1 billion to $10 billion in a Chapter 11 petition filed in Southern Texas on Sunday. It said it has more than 5,000 creditors and estimated it would have funds to distribute to unsecured lenders.

Venator reached an agreement with most of its lenders and noteholders and will equitize nearly all of its funded debt, according to a Monday news release. The prepackaged bankruptcy ...