Ascent Industries cures share-repurchase default, resets limit to $12M, forms new chemical holding company

ASCENT INDUSTRIES CO.

Obtained limited waiver of Event of Default from lenders for exceeding share repurchase threshold; no acceleration occurred.
Amended Section 8.06(c) to permit aggregate share repurchases up to $12M during term of credit facility.
Lenders consented to lease assignment of former tubular facility in Munhall, PA to Nexteel USA LLC.
Formed Ascent Chemicals LLC as new holding company for chemical manufacturing businesses; added as a loan party.
Dissolved Manufacturers Chemicals, LLC; all assets transferred to a Borrower as of amendment effective date.

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