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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, July 6, 2019, Vol. 23, No. 186
Headlines
HEXION INC: Swings to $725,000 Net Income in May
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HEXION INC: Swings to $725,000 Net Income in May
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Hexion Holdings LLC, Hexion Inc., and their debtor affiliates filed
with the U.S. Securities and Exchange Commission its monthly
operating report for the period from May 1 to 31, 2019.
At May 31, 2019, Hexion Inc. posted a net income of $725,000 on net
sales of $134.60 million, as compared to $10.89 million net loss
reported for April.
Hexion Inc. listed $2.30 billion in total assets, $4.59 billion in
total liabilities and -$2.28 billion in total shareholder's equity
as of May 31, 2019.
Hexion Inc. had $165.48 million in total operating receipts and
$123.90 million in total operating disbursements for May 2019.
A copy of the MOR is available at the SEC site at
https://is.gd/W1yJcy
About Hexion Holdings
Based in Columbus, Ohio, Hexion Inc. -- https://www.hexion.com/ --
is a producer of thermoset resins or thermosets, and a producer of
adhesive and structural resins and coatings. The company is
incorporated in New Jersey while most of its co-debtors are
Delaware limited liability companies or Delaware corporations.
Hexion Inc. is the direct or indirect parent of the debtors and the
non-debtor affiliates.
Hexion Holdings LLC is the sole member of Hexion LLC, which is the
sole owner of Hexion Inc.
Hexion Inc. employs 4,000 people around the world, including 1,300
in the U.S. across 27 production facilities.
Hexion Holdings LLC and its co-debtors sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-10684) on April 1, 2019. At the time of the filing, the Debtors
estimated assets and liabilities of between $1 billion and $10
billion.
The cases are assigned to Judge Kevin Gross.
The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger, P.A., as bankruptcy counsel; Paul Weiss Rifkind Wharton &
Garrison LLP, as special financing and securities; Moelis & Company
LLC as financial advisor; AlixPartners LLP as restructuring
advisor; and Omni Management Group as claims, noticing,
solicitation and balloting agent.
The Office of the U.S Trustee appointed an official committee of
unsecured creditors on April 10, 2019. The committee tapped Bayard
P.A. and Kramer Levin Naftalis & Frankel LLP as its legal counsel.
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then-ending.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.
Copyright 2019. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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