Teesside's Venator Files for Chapter 11 Bankruptcy Amid Shake-Up

Chemicals giant Venator will see a major reorganization of its finances as part of a bid to save the business, Gazette Live reported. The pigments producer, which employs hundreds of people on Teesside, including at its Wynyard headquarters, says it expects to continue paying wages and running normally despite having filed for chapter 11 bankruptcy in the U.S. News of the move follows a rough period for the firm and mounting losses, including net losses of $188m (£151.7) in 2022. Announcing the measures, Venator said it wanted to place itself on a better footing for growth. As part of the court-controlled process, the firm will undergo a reorganization of its debts and bring in $275m (£221.9m) of new financing from supporting creditors. It means the New York Stock Exchange-listed business - which employs 600 people across its Wynyard and Greatham sites - will become delisted. It expects to trade as normal throughout the estimated two months it will take to complete the process. Last month Venator completed the £111m sale of its iron oxide business to Hong Kong counterpart Cathay Industries. And in January, one of the firm's major shareholders published a blistering open letter to Venator management in which it raised concerns about "alarming long-term underperformance,” saying the situation had become "so dire" that the firm risked delisting. Read more.