Trinseo Takes Proactive Step to Strengthen Financial Foundation and to Drive Long-Term Sustainable Growth
Trinseo PLC a specialty material solutions provider, announced that it entered into a Restructuring Support Agreement with parties that hold a majority of its debt. This binding agreement will significantly reduce Trinseo’s debt obligations, strengthen its balance sheet and improve its long-term financial health. No concessions from employees, customers, vendors, or suppliers are part of this agreement.
By taking this proactive step, the Company expects to be better positioned to execute its long-term growth strategy and operate from a positive free cash flow position. The RSA represents the successful culmination of collaborative discussions with key lenders to restructure Trinseo’s capital structure on an expedited basis while preserving the Company’s market-leading position as a specialty material solutions provider.
Since our founding, Trinseo has partnered with organizations to bring ideas to life through smart, sustainable material solutions—combining deep expertise, innovation and best-in-class materials,” said Frank Bozich, President and Chief Executive Officer of Trinseo. “With the support of our lenders, this agreement marks an important step forward to strengthen our balance sheet so we can continue to operate our business uninterrupted, drive innovation, support growth and manufacture the products that our customers rely on for decades to come.
We’re confident that entering into this agreement will position us well for the future and we look forward to emerging from this process as a stronger organization, well-equipped to meet the needs of our partners around the world. We are deeply grateful to our employees for their continued dedication and hard work, and to our customers and partners for their support.
Information Regarding the RSA
The Company has secured support from its key lenders for a comprehensive restructuring that will reduce its debt by approximately $2.0 billion and reduce annual interest expense by approximately $140 million. The restructuring will be implemented through a pre-packaged chapter 11 plan of reorganization, funded by a fully committed ~$158 million debtor-in-possession financing, a $150 million accounts receivable facility, as well as exit financing. Existing lenders will be receiving 100% of the reorganized Company’s equity. All holders of general unsecured claims, including trade creditors, vendors, and suppliers, will be unimpaired.
To implement the transactions under the RSA, the Company intends to finalize the plan of reorganization and subsequently file voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas in the coming weeks. Trinseo expects to emerge from chapter 11 on an expedited basis. While the process will benefit the global organization, the chapter 11 filing is expected to be limited to certain of its U.S. affiliates, and certain non-operating affiliates outside the U.S. No other Trinseo affiliates are expected to be included in the chapter 11 filing.
Trinseo expects to conduct business uninterrupted both in the U.S. and globally, with a continued focus on supplying customers with the same high-quality products and services they value. Trinseo plans to file customary motions with the Bankruptcy Court to support ordinary-course operations including, but not limited to, a motion to pay outstanding claims of vendors and suppliers, and continue to pay its vendors and suppliers during the restructuring process. In addition, motions pertaining to customer and employee compensation and benefits programs will be submitted with the filing to ensure there will be no impact on customers and employees.
Additional details regarding the RSA will be provided in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission (the “SEC”).
Trinseo is advised by Latham & Watkins LLP as legal advisor, Hunton Andrews Kurth LLP as co-counsel, Centerview Partners LLC as investment banker, and FTI Consulting as financial and communications advisor. An ad hoc group of Senior Secured Lenders is advised by Paul Hastings LLP and PJT Partners. An ad hoc group of Term Lenders is advised by Gibson, Dunn & Crutcher LLP and Lazard Frères & Co.
Increase to Revolving Credit Facility Borrowing Capacity
On May 13, 2026, the Company also announced that it had amended its super-priority revolving credit facility to increase its available capacity under the revolver by $25 million (the “Revolver Amendment”). The increased borrowing capacity will be used to fund working capital or for general corporate purposes, and allow the Company the flexibility to implement the transactions under the RSA in a timely manner. Additional details regarding the Revolver Amendment, including borrowing terms, maturity and interest rate, will be provided in the Company’s Form 8-K to be filed with the SEC.
About Trinseo
Trinseo a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility. Trinseo’s employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $3.0 billion in 2025.
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