New Delaware Chapter 11 Filing – Hexion Holdings LLC et al. (Lead Case No. 19-10684)

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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.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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