美国瀚森公司（Hexion Inc.）宣布于2019年4月1日通过美国特拉华州破产法院申请按照美国破产法第11章进入破产保护程序，以便获得优化资产负债表及资本结构的机会。据瀚森公司称，该公司已获得法院的临时批准，可动用7亿美元的债务人持有融资（DIP Financing）中的6亿美元，以偿还其基于资产的循环信贷额度。 该融资与公司正在进行的业务产生的现金相结合，可用于满足瀚森在全球范围内的运营和重组需求。
瀚森公司已与75％的票据持有人签订了重组支持协议（RSA），协议包括：（1）执行财务降杠杆计划，帮助公司实现超过20亿美元的资本结构重大去杠杆化；（2）通过完全担保认股权配售方式（fully backstopped rights offering）筹集3亿美元股权资本的注资；（3）超过16亿美元的承诺性退出融资贷款（commited exit facility）；（4）准备向一般贸易债权人、职工和普通无担保债权人全额支付公司对他们的欠款。
Hexion files for bankruptcy
The global thermoset resin leader filed for Chapter 11 bankruptcy reorganization for its U.S. operations on April 1 and has been approved for debtor-in-possession financing.
Hexion Inc. (Columbus, Ohio, U.S.) filed for Chapter 11 bankruptcy reorganization on April 1, 2019, through the U.S. Bankruptcy Court in Delaware. According to Hexion, the company has been granted interim approval to access up to $600 million in debtor-in-possession financing.
Hexion has entered a Restructuring Support Agreement (RSA) with 75 percent of its noteholders as part of its financial de-leveraging plan. The company expects this plan to provide for: de-leveraging of the company’s capital structure by more than $2 billion, infusion of $300 million in equity capital through a fully backstopped rights offering, and an exit facility of more than $1.6 billion. The court filing only affects the company’s U.S. operations.
Hexion says it will pay suppliers to its U.S. operations for all goods received and services rendered on or after April 1, 2019, the filing date. The RSA intends that all general unsecured creditors, including its normal trade creditors, will be paid in full for prepetition amounts owed to them once Hexion emerges from Chapter 11.
“We now have the support of more than 75 percent of noteholders across our capital structure on a consensual financial de-leveraging plan that will allow us to emerge on an accelerated timeline as a stronger, well-capitalized company. As we move through this process, we are committed to operating our business safely and efficiently while maintaining productive relationships with all of our business partners. Again, I want to thank our creditors, employees, customers and business partners for their continued support,” says Craig A. Rogerson, chairman, president and CEO of Hexion.
Additional information and contact information for customers and suppliers is available at hexionrestructuring.com.