Alkegen’s Chapter 11 Plan Confirmed by U.S. Bankruptcy Court

Alkegen, a leading specialty materials manufacturer, announced that the United States Bankruptcy Court for the Northern District of Texas has confirmed its Chapter 11 Plan of Reorganization, marking a significant milestone toward completion of the company’s restructuring. The Plan is supported by a supermajority of the company’s key financial partners and reflects the Restructuring Support Agreement (RSA) that Alkegen announced in July. 

The approved Plan will eliminate $3.1 billion of Alkegen’s total debt and allow the company to emerge with ample liquidity to support its continued operations. Upon emergence, Alkegen will be under the ownership of a group of leading institutional investors who support the company’s go-forward strategy.

“Confirmation of our Plan is a key milestone on the path to strengthening Alkegen’s financial foundation and meaningfully improving our capital structure,” says Brian Whittman, chief executive officer of Alkegen. “As global recognition of the value of manufacturing capability and resilient supply chains continues to grow, this restructuring creates a significantly stronger business that is better positioned to continue supporting our teams and serving our customers with industry-leading products. This achievement would not have been possible without the continued focus of our team, the loyalty of our customers and suppliers, and the support of our financial stakeholders.”

Alkegen will continue operating in the ordinary course of business and expects to emerge from the chapter 11 process later this fall.