What did Ascend announce?
奥升德公告内容是什么？
On April 21, 2025, with the support of our lenders, we initiated a Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 process will enable Ascend to deleverage our balance sheet and continue providing best-in-class materials to our nearly 1,650 customers globally.
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.
2025年4月21日，在债权机构的支持下，奥升德向美国德克萨斯州南区破产法院递交申请启动了第十一章流程，以使公司降低资产负债杠杆率，同时能够继续为全球近1,650家客户提供一流的产品。第十一章流程申请范围不涉及奥升德美国以外的各子公司及生产基地。
第十一章流程是《美国破产法》中重组章节，是在法院的保护之下给予公司时间，在公司继续运营的同时进行重组以应对财务挑战。此次重组是公司主动应对挑战、迈向高质量发展的重要举措。完成重组后，公司资本结构将显著优化，抗风险能力与市场竞争力进一步提升，成为一家健康、资本充足的公司。
Why is Ascend taking this action? What does this announcement mean for the Company?
奥升德为何采取此行动？此公告对公司意味着什么？Over the last few years, Ascend has made significant strides improving our business, with a focus on efficiency and driving cost reductions. However, our underlying financial structure and debt load continue to present challenges that impact the business. Over the last several months we’ve been in active and productive conversations with a group of our existing lenders and determined that the Chapter 11 process is the best approach to reduce our debt and position Ascend for a stronger future.
We are operating as usual throughout this process and expect to conduct business in the ordinary course, both in the U.S. and globally. We are confident that this process will put us on a path to becoming an even stronger company with a healthier financial structure, better positioned to continue to manufacture and produce high-performance materials that improve the quality of life today and inspire a better tomorrow.
Does this mean the Company is going out of business?
这是否意味着公司将停业？No. This is not a liquidation, or what you might think when you hear the word “bankruptcy.” The Chapter 11 process will enable us to operate as usual while we work in the background to right-size our financial structure. It does not mean we are going out of business—we remain committed to providing critical products to our customers, just as we always have, as we work through this process.
What is Chapter 11? How will the Chapter 11 process impact day-to-day operations?
什么是第十一章？第十一章流程将如何影响公司日常运营？“Chapter 11” refers to the chapter of the U.S. Bankruptcy Code that outlines a process for businesses to reorganize and address financial challenges while continuing to operate. Importantly, the Chapter 11 process allows companies to maintain normal operations, and we expect to continue operating as usual throughout this process.
What are the immediate next steps in the process? How long will the process take?
该流程的步骤是什么？流程需要多长时间？We have filed a series of requests, known as “First Day,” motions with the Court, in which we expect to receive approval to continue our business operations. These requests are typical in a Chapter 11 case and are expected to be heard by the Court within the first few days of the case.
We expect to emerge from Chapter 11 on an expedited basis and in approximately six monthswith a much stronger financial position. Once we emerge from the Chapter 11 process, we anticipate that our lenders will be the new owners of Ascend.
奥升德已向法院提交了一系列申请，即“首日动议”，寻求获批运营支持。这些申请均较为常见，预计将在几天内由法院审理批准。
我们预计将在大约六个月内或以更快的速度进行价值最大化的重组流程，完成重组后，公司资本结构将显著优化，抗风险能力与市场竞争力进一步提升，成为一家健康、资本充足的公司。债权方将成为奥升德的新股东。
Does Ascend have enough liquidity to continue operating through the process?
奥升德是否拥有足够的流动资金来维持整个过程中的运营？Yes, Ascend expects to have sufficient liquidity to operate as usual throughout this process. We have received a commitment for $250 million in new debtor-in-possession financing from our lenders that is expected to provide sufficient liquidity to support Ascend’s operations throughout the Chapter 11 process.
Will SK Capital continue to be the owners of Ascend?
SK Capital投资基金会继续成为奥升德股东吗？SK Capital will not be our go-forward owners after the process is complete. Once we emerge from Chapter 11, we anticipate that our lenders will be the new owners of Ascend.
Who are the Company’s lenders? What will change under new ownership?
公司的债权人是谁？公司股权会如何变化？Ascend’s lenders are a group of leading investment firms. Our lenders know our company well and believe in the underlying value and potential of our business. We look forward to continuing to partner with them.
Will Ascend’s existing leadership team stay in place?
奥升德领导团队会继续留任吗？
Our leadership team remains in place, and they are committed to seeing us through this process and beyond.
How does this impact Ascend Asia business?
奥升德亚洲有何影响？
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