Alkegen Receives Confirmation of Plan of Reorganization, Positioned to Emerge as Leader in Specialty Materials, Thermal Management, and Filtration Solutions

Financial restructuring eliminates $3.1 billion of total debt, significantly strengthening financial foundation

IRVING, Texas--(BUSINESS WIRE)--Alkegen (the “Company”), a leading specialty materials manufacturer, today announced that the United States Bankruptcy Court for the Northern District of Texas (the “Court”) has confirmed its Chapter 11 Plan of Reorganization (the “Plan”), marking a significant milestone toward completion of the Company’s restructuring. The Plan is supported by a supermajority of the Company’s key financial partners and reflects the Restructuring Support Agreement (the “RSA”) that Alkegen announced in July.

The approved Plan will eliminate $3.1 billion of Alkegen’s total debt and allow the Company to emerge with ample liquidity to support its continued operations. Upon emergence, Alkegen will be under the ownership of a group of leading institutional investors who support the Company’s go-forward strategy.

“Confirmation of our Plan is a key milestone on the path to strengthening Alkegen’s financial foundation and meaningfully improving our capital structure,” said Brian Whittman, Chief Executive Officer of Alkegen. “As global recognition of the value of manufacturing capability and resilient supply chains continues to grow, this restructuring creates a significantly stronger business that is better positioned to continue supporting our teams and serving our customers with industry-leading products. This achievement would not have been possible without the continued focus of our team, the loyalty of our customers and suppliers, and the support of our financial stakeholders.”

Alkegen will continue operating in the ordinary course of business and expects to emerge from the chapter 11 process later this fall.

Advisors
Kirkland & Ellis LLP and Gray Reed are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Centerview Partners LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Davis Polk & Wardwell LLP and PJT Partners are serving as advisors to the ad hoc group of lenders.

About Alkegen
Alkegen is a global leader in manufacturing high-performance fibrous materials, including refractory ceramic fiber, polycrystalline wool, aerogel composite and micro-fine glass, that are engineered into blankets, felts, papers, boards, complex shapes, and mats. Our products are used across steel and aluminum manufacturing, petrochemical refining, glass production, mineral processing, automotive emission control, electric vehicle and other battery safety, commercial building fire protection, aerospace insulation, advanced filtration, and other industries and applications. Alkegen leverages deep materials engineering expertise and high-specification manufacturing to deliver customized, mission-critical solutions that help the world breathe easier, live greener, and go further than ever before. Headquartered in Irving, Texas, the Company employs approximately 3,900 people across 23 countries and operates approximately 50 fully integrated global manufacturing facilities. More information is available at www.alkegen.com.