Simpson Thacher represented JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent and lender under a pre-petition ABL facility, in connection with the bankruptcy cases of Venator Materials PLC and its affiliated debtors (“Venator”) in the United States Bankruptcy Court for the Southern District of Texas. Venator’s chapter 11 restructuring went effective on October 12, 2023, after the Bankruptcy Court confirmed the Company’s plan of reorganization at the July 19, 2023 confirmation hearing.
At the outset of the bankruptcy cases, JPM’s ABL facility was rolled up into a debtor-in-possession financing facility and then was repaid in full in cash on the effective date.
Venator is a leading global manufacturer and marketer of chemical products that bring color and vibrancy to a variety of consumer goods and industrial materials while protecting and extending product life and reducing energy consumption.
The Simpson Thacher team included Sandy Qusba, Nicholas Baker, Soogy Lee, Zach Weiner and Sean Lee (Restructuring); Bill Sheehan, Matt Farrell, Jule Walsh, Rani Shah and Rachel Phillips (Credit).