Trinseo Commences Voluntary Chapter 11 Process in Texas (1)

(Updates with details from company statement.)

Trinseo has commenced voluntary chapter 11 cases in the US Bankruptcy Court for the Southern District of Texas, according to a statement.

• Co. is implementing a pre-packaged restructuring plan that will be funded by $158m debtor-in-possession financing
• Company also announced a new $150m non-recourse revolving credit facility with company trade receivables as collateral
  • Replaces its existing financing facility of the same size
• Transactions under restructuring support agreement will reduce company debt by about $2b and reduce annual interest expense by about $140m
• Co. has estimated total liabilities of $1b-$10b and estimated total assets of ...