HOUSTON, April 21, 2025 -- Ascend Performance Materials
 

• Initiates restructuring process with support from existing lenders to strengthen balance sheet and improve financial foundation
• Obtains commitment for $250 million in financing
• Continues to operate as usual and provide high-performance materials to customers; shipments and product delivery to continue in normal course

Ascend Performance Materials ("Ascend" or the "Company"), a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced that, with the support of its key stakeholders, it has initiated Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials to nearly 1,650 customers globally. Ascend's subsidiaries that are located outside of the U.S. are not included in the Chapter 11 filings.

With the support of its lenders, Ascend will use the Chapter 11 process to pursue a value-maximizing restructuring transaction that will enable the Company to emerge from Chapter 11 as a healthy, well-capitalized business. The Company will operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials that improve the quality of life today and inspire a better tomorrow. In connection with this process, the Company has received a commitment for $250 million in debtor-in-possession financing from its lenders, which is expected to provide the Company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months.

Ascend is operating as usual throughout this process and does not expect any impact to product availability or customer contracts. The Company remains focused on creating and delivering high quality performance materials for its customers.

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