**Ascend Performance Materials Files for Chapter 11 Bankruptcy**

Ascend Performance Materials Inc., a chemical manufacturer supported by SK Capital Partners, has filed for Chapter 11 bankruptcy in Texas, aiming to restructure its operations with the backing of its lenders. The Houston-based company, along with its corporate affiliates, submitted its bankruptcy petition on Monday, reporting assets and liabilities ranging from $1 billion to $10 billion.

The bankruptcy filing is intended to facilitate a reduction of debt while allowing Ascend to maintain its regular business operations. To assist during the restructuring process, the company’s lenders have committed to providing $250 million in Chapter 11 financing. Ascend anticipates completing its restructuring within approximately six months, and it has clarified that its non-U.S. subsidiaries are not part of the Chapter 11 proceedings.

This move follows negotiations between Ascend and its lenders regarding a potential debt-for-equity swap, as the company has faced financial challenges. In March, some lenders also agreed to extend new rescue financing to support Ascend’s operations.

SK Capital Partners acquired Ascend from Solutia Inc. in 2009 for around $54 million. Since then, the company has expanded significantly, acquiring facilities in Europe and China with funding from a limited group of investors. Ascend has been actively engaging with lenders to enhance its financial stability and maximize stakeholder value.

Phil McDivitt, President and CEO of Ascend, stated, “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.”

In summary, Ascend Performance Materials is taking significant steps to restructure its financial obligations while continuing its operations, with the support of its lenders, as it navigates through this challenging period.

**FAQ**

**What is the purpose of Ascend Performance Materials’ bankruptcy filing?**
The bankruptcy filing aims to restructure the company’s debt while allowing it to continue operations, with the support of its lenders providing necessary financing.