TPI Composites, Inc. Initiates Voluntary Chapter 11 Proceedings to Facilitate Restructuring to Position Company for Long-Term Success
TPI Composites (NASDAQ: TPIC), a wind blade manufacturer, has initiated voluntary Chapter 11 bankruptcy proceedings to facilitate a comprehensive restructuring. The company has secured an agreement with Oaktree Capital Management for up to $82.5 million in debtor-in-possession (DIP) financing, subject to court approval.
The DIP financing includes $27.5 million in new money for day-to-day operations and $55 million rolled up from existing credit facilities, along with approximately $50 million in cash collateral usage. TPI plans to continue normal operations throughout the restructuring process, maintaining its manufacturing sites and blade services while honoring obligations to key stakeholders.
TPI Composites (NASDAQ: TPIC) ha avviato una procedura volontaria ai sensi del Chapter 11 per favorire una ristrutturazione completa. La societ脿 ha ottenuto un accordo con Oaktree Capital Management per un finanziamento debtor-in-possession (DIP) fino a 82,5 milioni di dollari, soggetto all'approvazione del tribunale.
Il DIP comprende 27,5 milioni di dollari di nuovi fondi per le attivit脿 quotidiane e 55 milioni di dollari trasferiti dalle linee di credito esistenti, oltre all'utilizzo di circa 50 milioni di dollari di garanzie in contanti. TPI intende mantenere le normali operazioni durante la ristrutturazione, conservando gli stabilimenti produttivi e i servizi per le pale e onorando gli impegni verso i principali stakeholder.
TPI Composites (NASDAQ: TPIC) ha iniciado un procedimiento voluntario de cap铆tulo 11 para facilitar una reestructuraci贸n integral. La compa帽铆a ha alcanzado un acuerdo con Oaktree Capital Management para un financiamiento debtor-in-possession (DIP) de hasta 82,5 millones de d贸lares, sujeto a la aprobaci贸n judicial.
El DIP incluye 27,5 millones de d贸lares en efectivo nuevo para la operativa diaria y 55 millones de d贸lares incorporados desde l铆neas de cr茅dito existentes, junto con el uso de aproximadamente 50 millones de d贸lares en garant铆as en efectivo. TPI planea continuar sus operaciones normales durante la reestructuraci贸n, manteniendo sus centros de producci贸n y servicios de palas y cumpliendo sus obligaciones con los principales interesados.
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頃措嫻 DIP 鞛愱笀鞐愲姅 鞚检儊 鞖挫榿鞚� 鞙勴暅 2,750毵� 雼煬鞚� 鞁犼窚 鞛愱笀瓿� 旮办〈 鞁犾毄鞁滌劋鞐愳劀 5,500毵� 雼煬毳� 韱淀暕(搿れ梾)頃� 旮堨暋, 攴鸽Μ瓿� 鞎� 5,000毵� 雼煬鞚� 順勱笀 雼措炒 靷毄鞚� 韽暔霅╇媹雼�. TPI電� 甑“臁办爼 旮瓣皠 霃欖晥 鞝滌“ 順勳灔瓿� 敫旊爤鞚措摐 靹滊箘鞀るゼ 鞙犾頃橁碃 欤检殧 鞚错暣甏�瓿勳瀽鞐� 雽�頃� 鞚橂毳� 鞚错枆頃橂┐靹� 鞝曥儊鞝侅澑 鞖挫榿鞚� 鞚挫柎臧� 瓿勴殟鞛呺媹雼�.
TPI Composites (NASDAQ: TPIC) a engag茅 une proc茅dure volontaire de Chapter 11 afin de permettre une restructuration compl猫te. La soci茅t茅 a obtenu un accord avec Oaktree Capital Management pour un financement debtor-in-possession (DIP) jusqu'脿 82,5 millions de dollars, sous r茅serve de l'approbation du tribunal.
Le financement DIP comprend 27,5 millions de dollars de nouveaux fonds pour les op茅rations courantes et 55 millions de dollars r茅int茅gr茅s depuis des lignes de cr茅dit existantes, ainsi que l'utilisation d'environ 50 millions de dollars de garanties en esp猫ces. TPI pr茅voit de poursuivre ses activit茅s normales pendant la restructuration, en maintenant ses sites de production et ses services li茅s aux pales et en respectant ses engagements envers les principales parties prenantes.
TPI Composites (NASDAQ: TPIC) hat freiwillige 颁丑补辫迟别谤鈥�11鈥慖苍蝉辞濒惫别苍锄惫别谤蹿补丑谤别苍 eingeleitet, um eine umfassende Restrukturierung zu erm枚glichen. Das Unternehmen hat eine Vereinbarung mit Oaktree Capital Management 眉ber bis zu 82,5 Mio. USD an debtor鈥慽n鈥憄ossession (DIP)鈥慒inanzierung getroffen, vorbehaltlich der gerichtlichen Genehmigung.
Die DIP鈥慒inanzierung umfasst 27,5 Mio. USD an neuen Mitteln f眉r den laufenden Betrieb und 55 Mio. USD, die aus bestehenden Kreditfazilit盲ten 眉bernommen werden, sowie die Nutzung von rund 50 Mio. USD an Bargeldsicherheiten. TPI plant, den normalen Betrieb w盲hrend der Restrukturierung fortzuf眉hren, die Produktionsstandorte und den Service f眉r Rotorbl盲tter aufrechtzuerhalten und Verpflichtungen gegen眉ber wesentlichen Stakeholdern zu erf眉llen.
- Secured up to $82.5 million in DIP financing to support operations
- Agreement reached for use of approximately $50 million in cash collateral
- Operations will continue normally during restructuring
- Company will maintain ability to pay employee wages and supplier obligations
- Filing for Chapter 11 bankruptcy protection indicates severe financial distress
- Need for comprehensive restructuring of company's balance sheet
- Industry-wide pressures creating significant financial challenges
- Existing shareholders likely to face significant dilution or loss of value
Insights
TPI Composites has filed for Chapter 11 bankruptcy with $82.5M DIP financing to restructure while continuing operations.
TPI Composites has initiated Chapter 11 bankruptcy proceedings to facilitate a comprehensive financial restructuring. This is a significant development that allows the company to continue operating while addressing its debt obligations. The company has secured an agreement with its senior secured lenders (Oaktree Capital Management) for up to
The DIP financing, combined with approximately
CEO Bill Siwek indicated that despite implementing strategic measures to strengthen the business, "industry-wide pressures" created financial challenges necessitating this restructuring. The company aims to use the Chapter 11 process to "right-size its balance sheet" and position itself to compete effectively in the current market. The company will continue manufacturing operations and blade services while working toward a plan of reorganization with its stakeholders.
Chapter 11 proceedings provide TPI with important protections, including the automatic stay against creditor collection actions and the ability to potentially modify or reject unfavorable contracts. The company has filed customary first-day motions to ensure employee wages and benefits continue uninterrupted and to maintain relationships with suppliers for post-petition goods and services.
Reaches Agreement with Senior Secured Lenders for聽Use of Cash Collateral and Up to
DIP Financing to Facilitate Path to Comprehensive Restructuring and Support Continued Operations
Company Will Continue Operations in Normal Course
SCOTTSDALE, Ariz., Aug. 11, 2025 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (NASDAQ: TPIC) announced today that it, together with its domestic subsidiaries (collectively, 鈥淭PI鈥� or the 鈥淐ompany鈥�), has commenced voluntary chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas (the 鈥淏ankruptcy Court鈥�) to pursue a comprehensive restructuring of the Company that will allow the Company to emerge as a stronger enterprise. To support the Company during this process, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, with the Company鈥檚 senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management, L.P. (鈥淥aktree鈥�) for Oaktree to provide a debtor-in-possession (鈥淒IP鈥�) financing facility of up to
鈥淥ver the past several months, we have implemented strategic measures to fortify our business. These deliberate steps were designed to strengthen our financial stability and ensure we remain well-positioned to provide long-term benefits to our customers, suppliers, partners, and associates鈥� said Bill Siwek, Chief Executive Officer of TPI. 鈥淒espite recent progress, industry-wide pressures have created financial challenges that must be addressed. We explored a variety of alternatives to address the challenges facing the Company and believe that a chapter 11 process is necessary to position the Company for success. We aim to reach agreement with stakeholders on the terms of a plan of reorganization for the Company to be able to right-size its balance sheet and go forward with the ability to compete successfully in the current economic environment. Doing so will provide access to new liquidity to continue our operations and invest in innovation, ensuring our customers can continue to count on TPI for leading-edge wind blade solutions.鈥�
Mr. Siwek continued, 鈥淎s we continue active negotiations with stakeholders regarding the terms of our restructuring and advance the chapter 11 process, we remain committed to serving our customers and collaborating closely with our suppliers. I am grateful to our associates for their dedication in continuing to deliver outstanding service, and to our customers, suppliers, service providers and other stakeholders for their steadfast support during this restructuring.鈥�
Throughout this process and moving forward, TPI will continue operating normally and does not expect any material operational impact from the chapter 11 proceedings. The Company will continue to work closely with its customers and suppliers, including by continuing to operate its manufacturing sites and delivering blade services.
In conjunction with the chapter 11 proceedings, the Company has filed a number of customary motions with the Bankruptcy Court seeking court authorization to support its operations, including the payment of employee wages, salaries and benefits. The Company anticipates receiving Bankruptcy Court approval for these requests and intends to continue honoring its obligations to key stakeholders post filing, including by satisfying payment obligations to suppliers for goods and services provided in accordance with customary terms after the filing.
Additional Information
Additional information regarding the Company鈥檚 court-supervised process is available at https://restructuring.ra.kroll.com/TPIComposites. Court filings and other information related to the proceedings are available on a separate website administrated by the Company鈥檚 claims agent, Kroll, at https://restructuring.ra.kroll.com/TPIComposites; by calling Kroll representatives at (877) 280-2696 within the U.S. & Canada (or +1 (646) 290-7082 internationally for calls originating outside of the U.S.); or by sending an email to [email protected].
About TPI
TPI Composites, Inc.鈥痠s a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in鈥疭cottsdale, Arizona鈥痑nd operates factories in the鈥疷.S.,鈥疢exico, T眉rkiye and鈥疘ndia. TPI operates additional engineering development centers in鈥疍enmark鈥痑nd鈥疓ermany鈥痑nd global service training centers in the鈥疷.S.鈥痑nd鈥疭pain.
Advisors
Weil, Gotshal & Manges LLP is serving as legal counsel,聽Jefferies LLC. is serving as financial advisor, and Alvarez & Marsal North America, LLC is serving as restructuring advisor to TPI.聽
Sullivan & Cromwell LLP and Moelis & Company are serving as advisors to senior secured lenders
Forward-Looking Statements
This release contains forward-looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: the adoption, implementation and consummation of a Chapter 11 plan of reorganization; the commencement of Chapter 11 proceedings in U.S. bankruptcy court; growth of the wind energy and electric vehicle markets and our addressable markets for our products and services; effects on our financial statements and our financial outlook; our business strategy, including anticipated trends and developments in and management plans for our business and the wind industry and other markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, profitability, products, projected costs, warranties, our ability to improve our operating margins, and capital expenditures. These forward-looking statements are often characterized by the use of words such as 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥減otential,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥渋ntend,鈥� 鈥渟eek,鈥� 鈥渂elieve,鈥� 鈥渇orecast,鈥� 鈥渇oresee,鈥� 鈥渓ikely,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥済oal,鈥� 鈥渢arget,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥渃ould,鈥� 鈥減redict,鈥� 鈥渃ontinue鈥� and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in 鈥淩isk Factors,鈥� in our Annual Report on Form 10-K and other subsequent filings with the SEC.
Investor Relations
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FAQ
Why did TPI Composites (TPIC) file for Chapter 11 bankruptcy in 2025?
How much DIP financing did TPI Composites secure in its 2025 bankruptcy?
Will TPI Composites continue operations during bankruptcy proceedings?
How does the TPIC bankruptcy affect employees and suppliers?
What is the restructuring plan for TPI Composites in 2025?
