The US Bankruptcy Court for the Southern District of Texas has confirmed Venator Materials’ Plan of Reorganisation, ten weeks after the company filed for Chapter 11. Under this, it will complete a comprehensive restructuring that will see nearly all of its funded debt converted to equity while leaving trade obligations unimpaired.

Venator Materials has announced that it has reached an agreement with “the overwhelming majority of its lenders and noteholders” on a recapitalisation plan. This will take the form of a prepackaged Chapter 11 process in the US, financed by a debtor-in-possession facility from its supporting creditors to provide liquidity throughout the process.