Venator Wins Court Approval of Citadel-Backed Bankruptcy Plan

Industrial chemicals maker Venator Materials Plc has won court permission to exit bankruptcy under new owners, including a hedge fund controlled by Citadel LP, which will swap debt for an equity stake.

US Bankruptcy Judge David Jones approved Venator’s reorganization plan last night and will sign an order authorizing the debt deal once last-minute changes are submitted to the wording of the document, according to court records.

Venator’s second-largest shareholder, J&T MS1 Sicav A.S., had objected to the plan, claiming the company was undervaluing how much it is worth. J&T fought the debt-for-equity deal to the end, forcing an ...