Trinseo PLC (TSEOF), a materials solutions provider, on Tuesday announced that it has started the next step in its financial restructuring plan with support from lenders holding the majority of its debt.
The company said the plan is expected to reduce its debt by about $2 billion and reduce annual interest expense by about $140 million.
The restructuring will be supported by about $158 million in new financing, along with additional financing after the company exits bankruptcy.
Under the agreement, existing lenders are expected to take ownership of nearly all of the reorganized company.
As part of the process, the company and certain affiliates commenced a Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
The company said the filing is intended to help strengthen its finances and give it more flexibility to support future growth.
The company also announced a new $150 million non-recourse revolving credit facility backed by trade receivables, replacing its previous facility of the same size.
On Friday, Trinseo closed trading 93.75% lesser at $0.0150 on the OTC market.
For comments and feedback contact: editorial@rttnews.com
Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.