TPI Composites Initiates Chapter 11 for Restructuring with $82.5 Million DIP Financing Approval Sought

Reuters08-12
TPI Composites Initiates Chapter 11 for Restructuring with $82.5 Million DIP Financing Approval Sought

TPI Composites, Inc. has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas as part of a comprehensive restructuring plan aimed at positioning the company for long-term success. To support this process, TPI has secured an agreement for up to $82.5 million in debtor-in-possession financing from its senior secured lenders, led by Oaktree Capital Management. This financing includes up to $27.5 million in new funds to maintain daily operations and $55 million from the company's existing credit facility. The restructuring is expected to strengthen TPI's financial stability and ensure its continued ability to provide cutting-edge wind blade solutions. Additional details and updates on the proceedings can be accessed through the company's claims agent, Kroll.

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