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HOUSTON, April 21, 2025 -- Ascend Performance Materials
Ascend Performance Materials ("Ascend" or the "Company"), a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced that, with the support of its key stakeholders, it has initiated Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials to nearly 1,650 customers globally. Ascend's subsidiaries that are located outside of the U.S. are not included in the Chapter 11 filings. With the support of its lenders, Ascend will use the Chapter 11 process to pursue a value-maximizing restructuring transaction that will enable the Company to emerge from Chapter 11 as a healthy, well-capitalized business. The Company will operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials that improve the quality of life today and inspire a better tomorrow. In connection with this process, the Company has received a commitment for $250 million in debtor-in-possession financing from its lenders, which is expected to provide the Company with sufficient liquidity to support Ascend throughout the Chapter 11 process. Ascend aims to complete the process in approximately six months. Ascend is operating as usual throughout this process and does not expect any impact to product availability or customer contracts. The Company remains focused on creating and delivering high quality performance materials for its customers. |
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BASF Zhangiang Verbund Site Progress News ◾️ Linde Press Releases, 8th Feb 2023, Linde Engineering Signed Agreement to Build a Synthesis Gas Plant for BASF in China Linde Engineering will implement the newly awarded contract in a consortium together with its Chinese partner East China Engineering Science and Technology Co., Ltd (ECEC). The two companies have previously worked together in the design and construction of several Rectisol® Acid Gas Removal units in China. For the new BASF project Linde will be acting as consortium leader, including the provision of basic engineering and key equipment. ECEC will be responsible for the detailed design and the construction. ◾️The Paper | 4th Sep 2023 | BASF starts construction of syngas plant at its integrated Zhanjiang site, scheduled to start production in 2025 BASF China's official website reported on September 4 that the syngas unit at BASF's integrated base in Zhanjiang has broken ground. This world-class syngas unit will be fully integrated into the integrated base and is scheduled to be put into production in 2025. ◾️Global Times | Published: 19th Jan 2024 |New BASF plant inaugurated in S.China, ready to supply global market German multinational chemical company BASF on 18th January celebrated the inauguration of its Thermoplastic Polyurethane (TPU) plant at its Zhanjiang Verbund site in South China's Guangdong Province, marking a milestone in the site's initial construction phase, according to a statement sent to the Global Times from BASF on Thursday. The new plant is the largest single TPU production line for BASF globally. It will help to meet market demand in industrial, eMobility and new energy segments, the company said. ◾️China Chemical Market Insights | 24th Jan 2024 |BASF's Zhanjiang Verbund Site: A Milestone in Asia-Pacific’s Chemical Industry Progress in Construction and Technology: ◾️BASF News Releases | 21st Mar 2024 | BASF breaks ground on methyl glycols plant at Zhanjiang Verbund site in China Hong Kong SAR, China – March 21, 2024 – BASF has broken ground on a methyl glycols (MG) plant at its Verbund site in Zhanjiang, China. The new facility is designed with an annual capacity of 46,000 metric tons and aims to meet the rapidly growing demand for brake fluids in the region. The plant is scheduled to commence operations by the end of 2025. Utilizing BASF's unique process technology, the new facility will be the only fully backward integrated methyl glycols plant into a steam cracker in China, serving the fast-growing brake fluids market. ◾️Zhanjiang Ecological Environment Bureau |19th Apr 2024 | Environmental impact assessment document of the first phase of the engineering plastics product optimization project The first phase of the BASF (Guangdong) integrated project engineering plastics product optimization project is located in the first phase of the BASF (Guangdong) integrated project in the Donghai Island Petrochemical Industrial Park in Zhanjiang City. It is a technical transformation project, mainly to adjust the production plan of production lines 1, 2, and 4 in the engineering plastics workshop, increase the production capacity of red phosphorus masterbatch flame retardant products by 11,000 tons/year (8,000 tons/year in the near future, and 3,000 tons/year in the long term), and reduce the production capacity of general PA/PBT/PBAT products by 11,000 tons/year, and the total production capacity of 160,000 tons/year remains unchanged. The technical transformation does not involve the TPU workshop of the first phase of the project, only the product plan of the engineering plastics workshop is adjusted, and its production process has not changed. The types and total usage of the main raw and auxiliary materials remain unchanged, and there are no new water, gas, and heat nodes and wastewater and waste gas nodes. No technical transformation will be carried out on the auxiliary and public works of the existing approved projects.
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