IRVING, Texas – Alkegen, a specialty materials manufacturer headquartered in Irving’s Las Colinas Urban Center at Williams Square-Central Tower, 5215 N. O’Connor Blvd., has filed for Chapter 11 bankruptcy protection as part of a prepackaged restructuring plan designed to eliminate approximately $3.1 billion in debt while continuing normal business operations.
The company announced it has voluntarily commenced prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas to implement a previously announced Restructuring Support Agreement (RSA).
Under the restructuring plan, Alkegen expects to significantly improve its capital structure by eliminating about $3.1 billion in debt. The company has also secured $315 million in debtor-in-possession (DIP) financing, which will provide operating capital during the court-supervised restructuring process, subject to court approval…