Venator Materials has completed its Chapter 11 recapitalisation process and claims to have “emerged with an improved balance sheet and lower debt”. It had entered Chapter 11 bankruptcy in May and had the recapitalisation plan confirmed by the Bankruptcy Court in July, after reaching agreement with “the overwhelming majority of its lenders and noteholders”. As a result of the deal, the company’s debt has fallen from more than $1 billion to about $200 million by converting it to equity.