Ascend Performance Materials Holdings Inc. — Representation of Ascend Performance Material Holdings Inc., and certain of its subsidiaries (“Ascend”) in their Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Ascend is one of the largest, fully integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets and tires, and also new technologies, like electric vehicles and solar energy systems. Ascend filed for Chapter 11 protection in April 2025 with approximately $2 billion in funded debt obligations to pursue and implement a comprehensive deleveraging transaction with the support of its key stakeholders. As part of negotiations with existing lenders, Ascend received approval for a debtor-in-possession financing in the amount of approximately $900 million, including $250 million in new-money term loans. The DIP financing will fund Ascend’s Chapter 11 cases and provide crucial working capital for Ascend’s ordinary course operations.
Global Clean Energy Holdings, Inc. — Representation of Global Clean Energy Holdings, Inc. (GCEH) and 14 of its subsidiaries (“Global Clean”) in their prearranged Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. Global Clean is a vertically integrated renewable fuels innovator that produces ultra-low carbon renewable fuels. Global Clean entered Chapter 11 to facilitate a debt-for-equity exchange with certain of the company’s key stakeholders, including lenders holding 96% of the company’s funded secured debt, who are supporting the Chapter 11 through a restructuring support agreement and an agreement to provide the company with approximately $200 million in new money debtor-in-possession capital.
Liberated Brands LLC — Representation of Liberated Brands LLC and certain of its subsidiaries (“Liberated”) in their Chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. Liberated is a global leader in the sports, outdoor and lifestyle apparel industry, offering products under high-quality brands such as Volcom®, Billabong®, Quiksilver®, Spyder®, RVCA®, Roxy® and Honolua®. At the time of the Chapter 11 filing, Liberated maintained approximately $98 million in total funded debt. Liberated commenced its Chapter 11 cases to effectuate an orderly and value-maximizing monetization and wind down process along multiple parallel paths, including one or more value maximizing going-concern sale transactions of the Company’s non-U.S. businesses.
Form Technologies, Inc. — Representation of Form Technologies, Inc. and its affiliates on a comprehensive recapitalization transaction. Form Technologies is a global leader in the production of precision-engineered components. In connection with the transaction, Form Technologies significantly deleveraged its balance sheet and received approximately $304 million in new equity capital, comprising $154 million of common equity from investors including Ares Management funds, the D.E. Shaw Group and Onex Credit, as well as $150 million of preferred equity from the D.E. Shaw Group and Ripple Industries.
Vertex Energy, Inc. — Representation of Vertex Energy, Inc. (VTNR) and 23 of its subsidiaries (“Vertex”) in their prearranged Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas. Vertex is a leading energy transition company and marketer of high-quality refined products. Vertex filed for Chapter 11 with a restructuring support agreement (“RSA”) that is supported by 100% of the company’s term loan lenders. The RSA and related Chapter 11 plan provide for a recapitalization of the business through a debt-for-equity exchange or a sale of all or substantially all of the debtors’ assets. Vertex commenced its Chapter 11 cases with a $280 million debtor-in-possession financing facility and a commitment from the Company’s intermediation counterparty to continue performing under Vertex’s critical intermediation facility.
Northvolt AB — Representation of Northvolt AB and eight of its affiliates in their Chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Northvolt is a Swedish manufacturer of electric vehicle batteries with a mission to build the world’s greenest battery. As of the petition date, Northvolt had nearly $6 billion in funded debt obligations. Northvolt filed Chapter 11 with commitments of $100 million in new money debtor-in-possession financing from a key customer and access to approximately $145 million in cash collateral from its project finance lenders.
