(RTTNews) -Venator Materials PLC, along with its 23 affiliates filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on May 14, 2023.

Venator Materials PLC won court permission to seek a quicker-than-normal vote of creditors on its plan to exit bankruptcy by turning the company over to lenders in exchange for canceling nearly all of the specialty chemical maker’s debt.

US Bankruptcy Judge David Jones agreed to schedule a hearing next month in Houson to consider approving Venator’s restructuring proposal,which the company says has support from more than 90% of major debt holders.