Alkegen to restructure amid Chapter 11 process

IRVING - Speciality materials manufacturer Alkegen has agreed a restructuring support agreement that it says will eliminate about $3.1 billion of debt, secure $315 million of new capital and support its ongoing operations.

The company said the transaction has the backing of a supermajority of key financial partners, including 99% of first-lien lenders and a majority of second-lien holders.