“我们现在得到了超过75％的资本结构中的票据持有人的支持，这是一个双方同意的财务去杠杆化计划，这将使我们能够在加速的时间表上成为一个更强大，资本充足的公司。在我们完成这一过程的过程中，我们致力于安全有效地运营业务，同时与所有业务合作伙伴保持富有成效的关系。我再次感谢我们的债权人，员工，客户和业务合作伙伴的持续支持，“ 瀚森公司董事长，总裁兼首席执行官克雷格· 罗杰森说。
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.