Chemicals Company Ascend Performance Gets Rescue Financing

Some of Ascend Performance Materials Inc.’s creditors provided fresh financing to the troubled chemicals firm, giving it time to restructure its debt, according to people with knowledge of the matter.

The SK Capital Partners-backed firm will get a new $100 million loan, of which $40 million will be funded initially, said the people, who asked not to be identified discussing a private matter. All lenders are open to participate in the financing, they said.

The financing, details of which were disclosed to a broader group of lenders Friday, includes cash and a payment-in-kind component, which allows the borrower ...