Venator, the Huntsman spinoff that holds the family-owned business’s former titanium dioxide activities, has filed for protection from creditors under U.S. Chapter 11, Chemanager Online reported. The company, which is U.K.-registered but managed from the U.S. state of Texas, said it hopes to exit chapter 11 within approximately two months. CEO Simon Turner said Venator has reached agreement with the “overwhelming majority” of its lenders and noteholders on the terms of a comprehensive recapitalization plan that would equitize nearly all of its funded debt and strengthen its balance sheet. The agreement with creditors will significantly reduce the company’s debt burden and place it on a sound financial footing, enabling it to deliver on its strategy and capitalize on future growth opportunities, Turner added. As part of the bankruptcy proceedings, Venator expects to be de-listed from the New York Stock Exchange but continue to trade in the over-the-counter marketplace for the duration. Subsequent plans call for the shares to be canceled. Explaining the conditions that led to the bankruptcy 11 filing, Turner said Venator has faced “unprecedented economic headwinds” since the second half of 2022, including significantly lower product demand and higher raw material and energy costs. Read more.
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