TSL Express Daily News

"Ascend has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before," said Phil McDivitt, President and CEO of Ascend Performance Materials. "Over the last several months, we have been working with our lenders to define the best path forward for Ascend. We expect that the restructuring will substantially reduce Ascend's funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy. We are confident that the Chapter 11 process will put us on a path to becoming an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers."

He continued, "As we embark on this process, we look forward to continuing to partner with our lenders, who believe in the underlying value and potential of our business and have provided us with funding to support our business throughout the process. We are also grateful to our customers and partners for their ongoing support and to our employees for their hard work and commitment to working safely and supporting Ascend's other values."

Ascend is operating as usual throughout this process and does not expect any impact to product availability or customer contracts. The Company remains focused on creating and delivering high quality performance materials for its customers.

Ascend has filed a number of customary "First Day" motions with the Bankruptcy Court seeking approval to support its operations during the Chapter 11 process, including paying employee wages, salaries and benefits without interruption. The Company expects to receive approval of these motions in the coming days. Ascend intends to pay vendors and suppliers in full for goods and services provided on or after the filing date in accordance with the Bankruptcy Code.

Additional Information

Additional information about Ascend's restructuring is available at www.ascendmaterials.com/strengtheningascend. Bankruptcy Court filings and other information regarding the case can be found at https://dmepiq11.com/Ascend or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls).

Ascend is advised in this matter by Kirkland & Ellis LLP as legal counsel, FTI Consulting as financial advisor, and PJT Partners as investment banker. The ad hoc group of first lien lenders to the Company is advised by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as investment banker.

About Ascend Performance Materials

Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities.

Ascend Media:

Osama Khalifa
Okhali@ascendmaterials.com

Rachel Chesley / Rose Temple
AscendComms@fticonsulting.com