"Hexion Inc. provides thermoset technologies, specialty products, and technical support for a range of applications and industries worldwide. It operates through Epoxy, Phenolic and Coating Resins; and Forest Products Resins segments. The Epoxy, Phenolic and Coating Resins segment offers epoxy specialty resins, modifiers, and curing agents for use in the automotive, construction, wind energy, aerospace, and electronics industries; basic epoxy resins and intermediates, such as solid epoxy resins and liquid epoxy resins for industrial coatings applications; bisphenol-A and epichlorohydrin products; and versatic acids and derivatives under the Versatic, VEOVA vinyl ester, and CARDURA glycidyl ester names, which are used in decorative, automotive, and protective coatings, as well as in adhesives and intermediates. This segment also provides phenolic specialty resins and molding compounds under the BORDEN, BAKELITE, DURITE, and CELLOBOND brands for use in after-market automotive and OEM truck brake pads, filtration, aircraft components, and foundry resins, as well as in the production of mineral wool and glass wool; and phenolic encapsulated sand and ceramic substrates for use in oil field applications. The Forest Products Resins segment offers formaldehyde-based resins for the forest products industry; and formaldehyde, a raw material used to manufacture other chemicals and products, including manufacture of methylene diphenyl diisocyanate and butanediol. Hexion Inc. sells its products through its direct sales force and third-party distributors. The company was formerly known as Momentive Specialty Chemicals Inc. and changed its name to Hexion Inc. in January 2015. Hexion Inc. was founded in 1857 and is headquartered in Columbus, Ohio. Hexion Inc. is a subsidiary of Hexion LLC." Bloomberg profile
The Company is owned by Apollo Group.
4/1/2019: Files Chapter 11.
BDC Credit Reporter View
4/1/2019: Only non-traded Business Development Corporation of America (BBDCA) has exposure. Invested in both 2020 and 2022 senior debt. The BDC carried the debt at par till IVQ 2018, and then wrote the positions down between (12%) and (20%). We checked - using Advantage Data's real-time market records - the current price of both debt maturities, which were discounted in the mid-teens. This suggests there may be a haircut of the debt involved in the restructuring plan, which we've read only the outline of. This might result in a modest realized loss for BBDCA in its future earnings report.
4/2/2019: Judge approves use of up to $600mn of $700mn DIP loan