Trinseo enters RSA to cut ~$2.0B debt via pre-packaged Chapter 11; equity holders get no recovery

Trinseo PLC

RSA reduces funded debt by ~$2.0B and annual interest expense by ~$140M.
Pre-packaged Chapter 11 cases expected by May 25, 2026; company operates as debtor-in-possession.
Existing equity interests cancelled with no recovery; lenders receive 100% of reorganized equity.
DIP commitments total $427.5M ($270M OpCo + $157.5M Super HoldCo); $150M A/R facility agreed.
Exit financing includes $850M term loan and $200M revolver; $450M equity rights offering backstopped.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trinseo PLC entered into Restructuring Support Agreement with Supporting Super HoldCo 1L Lenders, Supporting RCF Lenders, Supporting OpCo 2028 Term Lenders (effective 2026-05-13).

Action: entry
Agreement: credit facility
Counterparty: Supporting Super HoldCo 1L Lenders, Supporting RCF Lenders, Supporting OpCo 2028 Term Lenders
Effective: 2026-05-13

Exact text from the filing

on May 13, 2026, the Company Parties entered into the Restructuring Support Agreement with: · Supporting Super HoldCo 1L Lenders holding approximately 98.0% of the aggregate outstanding principal amount of Super HoldCo 1L Claims under the Credit Agreement dated September 8, 2023 (as amended, the “ Super HoldCo 1L Credit Agreement ”) and 100% of the OpCo Intercompany Term Loans; · Supporting RCF Lenders holding approximately 100% of the aggregate outstanding principal amount of RCF Claims under the Credit Agreement dated January 17, 2025 (as amended, the “ RCF Credit Agreement ”); and · Supporting OpCo 2028 Term Lenders holding approximately 57.2% of the aggregate outstanding principal amount of OpCo 2028 Term Loan Claims under the Credit Agreement dated September 6, 2017 (as amended, the “ OpCo Term Loan Credit Agreement ”).

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Trinseo PLC filing history →

Source: SEC EDGAR

accession 0001104659-26-060590

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