What were the key financial and ownership changes in Kem One's restructuring?

Kem One completed a major financial and equity restructuring that included cutting net debt by €720 million, reducing annual interest expenses, and injecting €100 million in new liquidity from Apollo Global Management (the former controlling shareholder), two new funds, and a bank revolving credit facility; Monarch Capital, an distressed debt fund, acquired controlling ownership, Arini Capital took a minority stake, and Apollo retained only a small equity stake while exiting operational control; all remaining debt was repriced, extended in maturity, and subject to relaxed covenants.

Why did Kem One undergo this restructuring, and what are its strategic implications?

The restructuring was driven by sustained pressure from a weak European construction market, declining product prices, and substantial capital expenditures for plant modernization, which led to severe cash flow strain and multiple credit rating downgrades; the outcome—reducing nearly 80% of debt and completing a full equity transition—aims to secure long-term operational stability, enable implementation of planned technical upgrades, and preserve domestic chemical production capacity and employment in France, with unanimous creditor support and upcoming judicial proceedings scheduled for July.

Kem One Completes Major Financial and Equity Restructuring

Jun 26, 2026

Kem One, Europe's second-largest PVC producer, finalized a major restructuring reducing net debt by €720 million. Apollo Global Management exits while Monarch Capital gains control, stabilizing the company's operations and the regional chlor-alkali supply chain.

ccin

2026-06-26

Kem One Completes Major Financial and Equity Restructuring

Kem One Completes Major Financial and Equity Restructuring

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