Trinseo PLC and its debtor affiliates are in the opening month of a pre-negotiated Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas under Judge Christopher M. Lopez, with final DIP and cash-collateral orders now in place and a combined disclosure statement and confirmation hearing set for July 27, 2026.
The Ireland-incorporated specialty chemicals and materials maker filed on May 26, 2026, after industry-wide overcapacity, volatile demand, and elevated energy costs eroded earnings and contributed to a March 2026 NYSE delisting, as described in the Boyko First Day DeclarationDkt. 16. The Debtors carried about $4.87 billion of funded debt across eight prepetition facilities into bankruptcy — anchored by $1.27 billion of first-lien Super HoldCo Term Loans, a $348 million revolver, and a deeply subordinated second-lien OpCo term-loan stack — backed by a May 13, 2026 Restructuring Support Agreement carrying holders of roughly 78% of total funded debt, including 100% of the RCF and 99.9% of the Super HoldCo 1L claims. The RSA targets about $2.0 billion of debt elimination through a $450 million backstopped equity rights offering, full cash payment of general unsecured claims, and zero recovery for the 2029 Notes and existing equity, implemented through parallel Chapter 11 and Irish proceedings.
On liquidity, the court entered parallel final orders on June 17, 2026 — a final order authorizing the OpCo DIP facilityDkt. 235 and a final order for the Super HoldCo DIP facilityDkt. 236 — providing roughly $427.5 million of combined commitments, about $142.5 million of new money with mandatory two-to-one roll-up mechanics, use of cash collateral under an approved budget, superpriority priming liens, and adequate protection for prepetition secured parties. The next-day June 18 final hearing was cancelled as moot following the Debtors' . With interim and motions now advancing through the case, the restructuring is pointed at the July 27, 2026 combined confirmation hearing as the decisive near-term milestone.
