Venator Materials plc, Venator Materials International UK Limited and Venator Investments UK Limited - Administration

Venator Materials plc, the top, non-trading, holding company of British chemicals manufacturer the Venator Group, together with two other non-trading holding companies, Venator Materials International UK Limited and Venator Investments UK Limited, entered administration on 2 September. Mark Firmin and Helen Skeates of Alvarez & Marsal were appointed joint administrators to all three companies, while Richard Beard was only appointed to Venator Materials plc.

The joint administrators said that the Venator Group, which employs 519 people in the UK and 2,249 globally, has been severely impacted by increased competition and rising costs. Their appointment comes just two years after the company completed a prepackaged Chapter 11 process to address US$1 billion in debt.

The main UK trading company, Venator Materials UK Limited, and the Venator Group’s US and French arms are continuing to trade as normal outside of any insolvency process.

The administrators are seeking buyers for the UK businesses while sale processes are initiated for other entities across the Venator Group.

Hannah Crawford and Mallika Abidi of Kirkland & Ellis and Jessica Walker and James Hollingshead of Latham and Watkins are assisting the joint administrators.