Latest Headlines
- Bratt Woman Accused Of Elderly Exploitation, Grand Theft, Credit Card Fraud
- Cottage Hill Woman Charged With Passing Fake $100 Bill At Local Store
- Trial Set For Former Ernest Ward Middle Bookkeeper Charged With Grand Theft
- Art Of The Wild: Animal Tales Program At The Library (With Gallery)
- Tate Grad Named To Mississippi State Ag And Life Sciences Hall Of Fame
- Report: Cantonment Man Says His GPS Caused Him To Wreck; FHP Charged Him With DUI
- Escambia School District Commits $45,000 to Support 10 New Military Veteran Teachers
- Tax Collector’s MILO Records 38 Transactions (And A Chicken Plate) In Walnut Hill On Thursday
- Bramwell Homers In Back-And-Forth Wahoos Loss To Trash Pandas
- ‘Rest Easy My Prince’ – Animal Sanctuary’s Missing Exotic Cat Found Dead
Ascend Files For Chapter 11 Bankruptcy; Local Site To Continue Normal Operations
April 21, 2025
Ascend Performance Materials on Monday filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
If approved, Chapter 11 allows a company to reorganize its finances without the threat of creditors’ lawsuits. The reorganization plan must be accepted by a majority of its creditors.
The Pensacola Ascend plant on Old Chemstrand Road and rest of the company will continue to operate as usual during the process.
“Our site has been producing quality materials and providing stable, high-paying jobs in this community for over 70 years, and this restructuring agreement will provide a foundation for us to continue that legacy,” said Senior Site Director Kevin Heisel. “The products our Pensacola employees produce enable automobiles, appliances, electronics and a wide range of other important products to operate safely and efficiently and improve the lives of millions of people around the world each day. We are focused on continuing safe and reliable operations to manufacture these materials for our customers.”
The company has received a commitment for $250 million in debtor-in-possession financing from certain of its lenders, which is expected to provide the company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months.
Ascend has filed a number of customary “first day” motions with the bankruptcy court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the bankruptcy code.
“Ascend has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before,” said Phil McDivitt, President and CEO of Ascend Performance Materials. “Over the last several months, we have been working with our lenders to define the best path forward for Ascend. The restructuring will substantially reduce Ascend’s debt and ensure that we are well-positioned to continue executing on our long-term strategy. We are confident that the Chapter 11 process will put us on a path to becoming an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers.”
Comments
10 Responses to “Ascend Files For Chapter 11 Bankruptcy; Local Site To Continue Normal Operations”
En la planta de México comentan que no hay nada de que preocuparse, que aquí estamos en un estado financiero favorable.
**Translation: “At the Mexico plant, they’re saying there’s nothing to worry about, that here we’re in a favorable financial state.”
What cb said
A Ch. 11 bankruptcy is just a “re-organizing” of finances. They will file that bankruptcy under that business heading at that time, they can change board members, share holders, etc., and re-name the business with no lesson learned on how to better manage. SMH
I worked at this plant many years ago and I’ve had other family members to work and retire from there as well. This used to be a GREAT place to work. When I was there it was Monsanto and then Solutia and the companies that I worked for really cared about their employees and took great care of them. But a couple of years before I left from working there that began to change and all that they seemed concerned with at that time was money. But all in all, I have a lot of great memories from my time working there and still have friends that I made while there to this day.
Whenever I fail, I am supposed to blame everyone else, right?
The obvious culprit of choice will become more apparent over the next few years.
On the other hand, bankruptcies have been happening for centuries for all kinds of reasons.
That’s what happens when you build a plant in china and give your competition the means to produce what you produce. They then flood the market with cheap materials
They have made some terrible management decisions. They continue to cut cost at employees expense which has lead to where they are. They have covered up injuries and poor safety issues. I feel for the workers that have been impacted.
Yes they have been going through a lot. but so has a lot more companies since 2019 during Covid. and the Biden administration!! who screwed everything up good luck ascend performance materials. I wish you all the best. The plant has been all around a long time when it was Monsanto all of my grandparents retired from that place. I have had family members retire from this place and family that still work for this place so I wish them nothing but success.nothing but prayers coming your way
Not surprised.. they been going down since 2020…
SK Capital, owners of APM, trying to get the debt down to an acceptable level to do an IPO.