Hexion Holdings LLC, along with seventeen subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10684). Hexion, headquartered in Columbus, Ohio, is a chemicals company specializing in thermoset resins. According to the First Day Declaration, Hexion, although profitable, has filed for chapter 11 as a result of an oversized debt load and intends to de-lever through its chapter 11 cases. A press release issued by Hexion further explains that Hexion enters chapter 11 having entered into a restructuring support agreement with a majority of the holders of each of its notes issuances and will seek approval of up to $700 million in DIP financing to be provided by a consortium of lenders. Omni Management Group is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.