SK Capital-Backed Chemical Business Ascend Files Bankruptcy

Ascend Performance Materials Inc., a chemicals business backed by SK Capital Partners, has filed bankruptcy and said it intends to restructure with support from its lenders.

Houston-based Ascend and its corporate affiliates sought court protection Monday in Texas listing assets and liabilities each of between $1 billion and $10 billion on its Chapter 11 petition.

Ascend said the bankruptcy filing will allow the business to trim debt from its balance sheet while continuing to operate as usual. Company lenders have agreed to provide $250 million in Chapter 11 financing to support Ascend during the restructuring process.

The company ...