Alkegen Initiates Prepackaged Chapter 11 Bankruptcy for Debt Restructuring

Specialty materials manufacturer Alkegen has filed for prepackaged Chapter 11 bankruptcy in Texas, aiming to implement a previously announced restructuring agreement. This move is expected to eliminate about $3.1 billion in debt and secure $200 million in new liquidity. The company also obtained $315 million in debtor-in-possession financing to support operations during the process.