Trinseo PLC Files for Chapter 11 Bankruptcy

Trinseo PLC and certain of its subsidiaries have filed for Chapter 11 bankruptcy protection to implement a pre-packaged restructuring plan. This plan aims to reduce the company's total debt by approximately $2.0 billion and annual interest expense by $140 million. The restructuring is supported by holders of a significant majority of the company's debt. Trinseo will continue its operations as a debtor-in-possession, funded by approximately $158 million in debtor-in-possession financing and exit financing. The company expects to emerge from this process with an enhanced financial foundation to drive innovation and growth. Vendors and unsecured creditors are expected to be paid in full in the ordinary course of business. Existing equity interests are expected to be cancelled with no recovery.