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