India, May 26 -- Trinseo PLC (TSEOF), a materials solutions provider, on Tuesday announced that it has started the next step in its financial restructuring plan with support from lenders holding the majority of its debt.
The company said the plan is expected to reduce its debt by about $2 billion and reduce annual interest expense by about $140 million.
The restructuring will be supported by about $158 million in new financing, along with additional financing after the company exits bankruptcy.
Under the agreement, existing lenders are expected to take ownership of nearly all of the reorganized company.
As part of the process, the company and certain affiliates commenced a Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court fo...