AIP Leads Lenders Set to Take Control of Chemicals Firm ICP

American Industrial Partners is leading a group of creditors negotiating a deal with Innovative Chemical Products Group to swap their existing debt for equity of the coatings and adhesives maker, according to people familiar with the matter.

The Audax Management-backed firm and its creditors have been engaged in restructuring talks to address next year’s maturity on more than $1 billion of debt. So far, Audax has signaled that it won’t provide additional money to support the company, the people familiar added.

Discussions are ongoing and terms of the restructuring may change, they added.

ICP is working with Piper Sandler ...