Latest news with #AscendPerformanceMaterials
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
Ascend Commences Orderly Wind Down of HMD Production Facility in Lianyungang
All other facilities continue to operate as usual; shipments and product delivery to continue in normal course Remains on track to emerge from Chapter 11 this fall HOUSTON, June 17, 2025 /PRNewswire/ — Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang, China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes. 'Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness,' said Phil McDivitt, President and CEO of Ascend Performance Materials. 'In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility.' He continued, 'Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners.' Ascend remains steadfast in its commitment to safety, environmental stewardship, and regulatory compliance throughout the wind down process. The Company will work closely with local authorities to ensure that decommissioning activities meet all applicable environmental and safety standards. The Company expects to complete the wind down process over the next several months. The rest of the Company's Chinese operations, including the Suzhou compounding facility, will continue to operate as usual. Ascend remains focused on creating and delivering high quality performance materials for its customers worldwide, and expects to emerge from the Chapter 11 process later this year. Additional Information Additional information about Ascend's Chapter 11 process is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@
Yahoo
4 days ago
- Business
- Yahoo
Ascend Commences Orderly Wind Down of HMD Production Facility in Lianyungang
All other facilities continue to operate as usual; shipments and product delivery to continue in normal course Remains on track to emerge from Chapter 11 this fall HOUSTON, June 17, 2025 /PRNewswire/ -- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang, China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes. "Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness," said Phil McDivitt, President and CEO of Ascend Performance Materials. "In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility." He continued, "Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners." Ascend remains steadfast in its commitment to safety, environmental stewardship, and regulatory compliance throughout the wind down process. The Company will work closely with local authorities to ensure that decommissioning activities meet all applicable environmental and safety standards. The Company expects to complete the wind down process over the next several months. The rest of the Company's Chinese operations, including the Suzhou compounding facility, will continue to operate as usual. Ascend remains focused on creating and delivering high quality performance materials for its customers worldwide, and expects to emerge from the Chapter 11 process later this year. Additional Information Additional information about Ascend's Chapter 11 process is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@ View original content to download multimedia: SOURCE Ascend Performance Materials Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Ascend Commences Orderly Wind Down of HMD Production Facility in Lianyungang
All other facilities continue to operate as usual; shipments and product delivery to continue in normal course Remains on track to emerge from Chapter 11 this fall HOUSTON, June 17, 2025 /PRNewswire/ -- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang, China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes. "Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness," said Phil McDivitt, President and CEO of Ascend Performance Materials. "In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility." He continued, "Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners." Ascend remains steadfast in its commitment to safety, environmental stewardship, and regulatory compliance throughout the wind down process. The Company will work closely with local authorities to ensure that decommissioning activities meet all applicable environmental and safety standards. The Company expects to complete the wind down process over the next several months. The rest of the Company's Chinese operations, including the Suzhou compounding facility, will continue to operate as usual. Ascend remains focused on creating and delivering high quality performance materials for its customers worldwide, and expects to emerge from the Chapter 11 process later this year. Additional Information Additional information about Ascend's Chapter 11 process is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@ View original content to download multimedia: SOURCE Ascend Performance Materials Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
10-06-2025
- Business
- Bloomberg
Ascend to Pay Up to $2.46 Million in Bankruptcy Bonuses to Executives
Ascend Performance Materials Inc., a bankrupt maker of industrial nylon, won court permission to pay 11 executives a total of as much $2.46 million in bonuses as the company works to cut debt and reorganize itself while in court protection. The executives who could receive a share of that amount 'play a vital role in negotiations concerning a comprehensive deleveraging transaction,' the company said in court papers filed in Houston, where Ascend filed bankruptcy.
Yahoo
21-04-2025
- Business
- Yahoo
Ascend Performance Materials Takes Steps to Strengthen Balance Sheet and Position the Company for a Stronger Future
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 HOUSTON, April 21, 2025 /PRNewswire/ -- Ascend Performance Materials ("Ascend" or the "Company"), a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today 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 has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before," said Phil McDivitt, President and CEO of Ascend Performance Materials. "Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy. We are confident that the Chapter 11 process will put us on a path to becoming an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers." He continued, "As we embark on this process, we look forward to continuing to partner with our lenders, who believe in the underlying value and potential of our business and have provided us with funding to support our business throughout the process. We are also grateful to our customers and partners for their ongoing support and to our employees for their hard work and commitment to working safely and supporting Ascend's other values." 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. Ascend has filed a number of customary "First Day" motions with the Bankruptcy Court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The Company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the Bankruptcy Code. Additional Information Additional information about Ascend's restructuring is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of first lien lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as investment banker. About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@ View original content to download multimedia: SOURCE Ascend Performance Materials Sign in to access your portfolio
