Venator Materials PLC VNTR said Monday it reached agreement with the “overwhelming majority” of its lenders on a recapitalization plan to be implemented through a prepackaged Chapter 11 bankruptcy. Under terms of the agreement, nearly all of the U.K.-based chemical products maker’s debt will be converted to equity. The bankruptcy will be financed by a debtor-in possession (DIP) financing that includes $275 million in financing from the company’s creditors. The company’s business is expected to operator as nor during the bankruptcy, and the company will continue to pay wages and benefits to its employees and to pay all trade partners. The stock is expected to be delisted from the New York Stock Exchange. “We have faced unprecedented economic headwinds, including significantly lower product demand and higher raw material and energy costs in the second half of 2022, but Venator’s management, alongside our advisors, has worked tirelessly to assess all viable options available to us to ensure the long-term sustainable success of the company,” said Venator Chief Executive Officer Simon Turner. The stock, which closed at a record low 27 cents on Friday, has tumbled 61.4% over the past three months while the S&P 500 has slipped 0.6%.

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