Creditors agreed to cancel debt in exchange for control of the specialty chemical maker as Apollo Global Management gives up its ownership after about 14 years.
- The reorganization slashes about $2 billion of its $3.5 billion in debt, company attorney Andrew Parlen said in court
- “The plan is clean, the plan is comprehensive and the plan is final,” Parlen said
- When Hexion exits bankruptcy in about a week, senior lenders owed about $2.4 billion will collect $1.45 billion in cash, according to court documents
- The company filed bankruptcy April 1 after six weeks of tough negotiations, Parlen told U.S. Bankruptcy...