On December 19, local time, Ascend Functional Materials announced the completion of the Chapter 11 restructuring process to become a company with a more stable financial situation. The company's restructuring plan approved by the US Bankruptcy Court for the Southern District of Texas on December 9 is now in effect. The company has achieved the goals set in this restructuring, reducing total long-term debt by about 1.3 billion US dollars, obtaining an asset-guaranteed credit line of 350 million US dollars, enhanced liquidity through more than 600 million US dollars of new capital provided by new shareholders, and drastically reduced debt costs.

On December 19, local time, Ascend Functional Materials announced the completion of the Chapter 11 restructuring process to become a company with a more stable financial situation. The company's restructuring plan approved by the US Bankruptcy Court for the Southern District of Texas on December 9 is now in effect. The company has achieved the goals set in this restructuring, reducing total long-term debt by about 1.3 billion US dollars, obtaining an asset-guaranteed credit line of 350 million US dollars, enhanced liquidity through more than 600 million US dollars of new capital provided by new shareholders, and drastically reduced debt costs.