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Venator to shut down Duisburg TiO2 plant

TiO2 producer Venator Materials has completed a strategic review following its emergence from Chapter 11 bankruptcy in October and intends to implement a transformation plan, which has the support of its new shareholders.

Venator emerges from Chapter 11

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.

Chemours to close plant in Taiwan

During its Q2 results presentation, Chemours announced a decision to close its Kuan Yin TiO2 manufacturing facility in Taiwan (pictured). The firm described this as “part of a comprehensive strategy to improve the earnings quality of TT – producers of the popular Ti-Pure brand – by optimising its manufacturing circuit”.

Court approves Venator Chapter 11 plan

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 to enter Chapter 11

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.

Investor and Venator in war of words

Czech Republic-based J&T MS 1 SICAV has sent a public letter to the board of TiO2 producer Venator Materials highly critical of the firm’s strategic direction and demanding additional independent shareholder representation. J&T is the second largest shareholder in Venator, with a stake of 14.3%.

Since an IPO in August 2017, the letter states, Venator’s share price has fallen by about 96% from a peak of $25.50 to less than $1. In November 2022, the company was warned that it faces a potential delisting from the New York Stock Exchange.

Feature article - Shift to mineral sunscreen poses formulation challenges

Bryan Moran, global skin care technical manager at Lubrizol Life Science Beauty, discusses how formulators can address a key trend in sun care

In the 1970s and 1980s, no lifeguard would hit the beach without a thick white coating of zinc oxide sunblock on their nose. It was effective but also unattractive and uncomfortable.

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