Venator files for bankruptcy

Venator Materials, the struggling former titanium dioxide business of Huntsman, has filed for Chapter 11 bankruptcy. The company has already reached an agreement with creditors, who will convert Venator’s debt into equity. The company is also getting $275 million in new financing to run its business. Venator expects to complete its bankruptcy process in about 2 months. Venator had about $1 billion in debt on its balance sheet. It lost money for the past 3 years and has recently been grappling with sluggish demand and high energy costs. Venator lost $188 million on $2.2 billion in sales in 2022.