Alkegen Announces Financial Restructuring

Alkegen, a specialty materials manufacturer, announced that it has entered into a Restructuring Support Agreement (the “RSA”) with a supermajority of its key financial partners that will significantly reduce the company’s debt, strengthen its balance sheet and position it for future growth.

Under the terms of the RSA, Alkegen has secured $315 million of new capital to support operations during the restructuring process and expects to eliminate approximately $3.1 billion of total debt. By proactively managing its capital structure, Alkegen expects to emerge with a significantly stronger balance sheet and approximately $200 million in available liquidity. Once implemented, the restructuring transactions outlined in the RSA will position Alkegen to invest in its long-term growth initiatives and continue to provide market-leading high-quality products, with approximately $70 million in capital improvements underway for 2026, and an additional approximately $300 million anticipated through 2030.

The restructuring transactions are expected to be implemented through expedited prepackaged chapter 11 cases, which are anticipated to be filed in the United States Bankruptcy Court for the Northern District of Texas in the coming days. In advance of the filing, Alkegen launched a solicitation process to begin formally recording votes on its prepackaged plan of reorganization and will complete solicitation during the chapter 11 cases.

“Today’s announcement marks an important step in strengthening Alkegen’s financial foundation for the future,” says Brian Whittman, chief executive officer of Alkegen. “This agreement has the overwhelming support of our financial partners, underscoring their confidence in our business and the critical role we play in the specialty materials industry. With a substantially stronger balance sheet and greater financial flexibility, Alkegen will be well-positioned to invest in innovation, support our customers, and execute ongoing strategic initiatives that will drive future growth. We are grateful to our employees for their continued dedication and to our customers, suppliers and partners for their ongoing support.”

The RSA is the result of collaborative discussions with the company’s key financial stakeholders and reflects their confidence in Alkegen’s business, differentiated product portfolio and long-term potential. Upon completion of the restructuring process, Alkegen will be owned by a group of leading institutional investors.

Alkegen expects to complete the court-supervised process efficiently, in approximately 60 days. The company will continue operating in the ordinary course throughout the restructuring process, with no anticipated disruption for employees, customers, suppliers, or business partners across global operations. All holders of non-debt general unsecured claims, including trade creditors, vendors and suppliers, are unimpaired under the chapter 11 plan.