WAYNE, PA — Trinseo PLC (OTCM: TSEOF) has filed for Chapter 11 bankruptcy protection in the United States as part of a pre-packaged restructuring agreement that will eliminate approximately $2 billion of debt and reduce annual interest expenses by about $140 million.
The specialty materials manufacturer commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas with the support of lenders holding a majority of its senior secured debt, the company said.
The filing marks a significant step in Trinseo’s effort to repair its balance sheet after years of financial pressure across the chemicals and specialty materials sectors. The company expects to complete the court-supervised restructuring on an expedited basis and emerge with a substantially lower debt burden…