Ascend Performance Materials Receives Court Approval of Disclosure Statement

Marks important milestone in restructuring process; Ascend to begin creditor vote solicitation process

Remains on track to emerge from Chapter 11 in Q4 2025

Continues to operate as usual and provide high-performance materials to customers

HOUSTON, Oct. 20, 2025 /PRNewswire/ -- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today the U.S. Bankruptcy Court for the Southern District of Texas has approved the Disclosure Statement for Ascend's Plan of Reorganization (the "Plan").

Court approval of the Disclosure Statement marks the beginnings of the formal process to solicit votes on the Company's Plan. The Disclosure Statement provides creditors with detailed information regarding the terms of the Plan and will accompany the ballots that will be sent to those eligible to vote on the Plan. The Court has set a voting deadline of November 18, 2025, at 4:00 p.m. prevailing Central Time. Following the solicitation process, the Bankruptcy Court will conduct a hearing to consider confirmation of the Plan, which is currently scheduled for November 24, 2025. The Company remains on track to emerge from the Chapter 11 process by Q4 2025 with a recapitalized, healthier balance sheet.

"We began this process with a clear goal: to strengthen Ascend's financial foundation so we can continue executing our long-term strategy from a position of stability and growth," said Phil McDivitt, president and CEO of Ascend Performance Materials. "Today's milestone represents meaningful progress toward that goal. I'm deeply grateful to our customers and partners for their continued trust, and to our employees for their dedication and hard work. Together, we're positioning Ascend to emerge as a strong, well-capitalized business—ready to deliver the high-quality performance materials our customers rely on for many years to come."

A spokesperson for the new investor consortium said, "We are excited to provide over $500 million of fresh equity capital to support Ascend's significant delevering and help drive the company's long-term growth. We are confident that Ascend has bright prospects ahead, and we are looking forward to partnering with the company to continue to deliver high-quality, reliable materials to its customers in the future."

Additional Information

Additional information about Ascend's restructuring is available at www.ascendmaterials.com/strengthening-ascend. Bankruptcy Court filings and other information regarding the case can be found at https://dm.epiq11.com/Ascend or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). 

Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of term loan lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as investment banker.

About Ascend Performance Materials

Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities.

Ascend Media

Osama Khalifa
[email protected]

Rachel Chesley / Rose Temple
[email protected]

SOURCE Ascend Performance Materials