IRVING, Texas - Alkegen, a specialty materials manufacturer headquartered in Irving's Las Colinas Urban Center at Williams Square-Central Tower, 5215 N. O'Connor Blvd., has filed for Chapter 11 bankruptcy protection as part of a prepackaged restructuring plan designed to eliminate approximately $3.1 billion in debt while continuing normal business operations.
The company announced it has voluntarily commenced prepackaged Chapter 11 cases in the U.S. Bankruptcy Court for the Northern District of Texas to implement a previously announced Restructuring Support Agreement (RSA).
Under the restructuring plan, Alkegen expects to significantly improve its capital structure by eliminating about $3.1 billion in debt. The company has also secured $315 million in debtor-in-possession (DIP) financing, which will provide operating capital during the court-supervised restructuring process, subject to court approval.
"Today's filing marks an important milestone in implementing our financial restructuring," Chief Executive Officer Brian Whittman said in a statement. "We have the support of our financial partners, a strong underlying business, and an unwavering focus on serving our customers around the world."
Whittman said the company expects to continue operating normally throughout the restructuring while positioning itself for long-term growth and continued investment in innovation.
Alkegen said it does not anticipate any disruption for employees, customers, suppliers or business partners during the bankruptcy process. The company has filed customary "First Day Motions," including a request for authority to continue paying trade creditors, vendors and suppliers under existing terms while the case proceeds through bankruptcy court.
The company expects the Chapter 11 process to be completed in approximately 60 days.
The restructuring includes Alkegen's U.S. operations and certain international entities in Canada, the United Kingdom, Germany, Luxembourg, the Netherlands and Hong Kong. The company said those international operations will continue operating normally and will not enter local insolvency proceedings.
Alkegen also said Luyang Energy-Saving Materials Co. Ltd. and its subsidiaries are not included in the Chapter 11 filing and will continue operating independently without changes to management, employees, customer relationships or supplier agreements. The company said it will retain its majority ownership interest in Luyang following the restructuring.
Upon emerging from Chapter 11, Alkegen expects to have approximately $200 million in available liquidity and plans to continue investing in its operations. The company said it is investing approximately $70 million in capital improvements during 2026, with an additional $300 million in investments planned through 2030.
Following the restructuring, Alkegen will be owned by a group of institutional investors and expects to continue manufacturing specialty materials, thermal management products and filtration solutions for customers worldwide.
