Plastics Maker Trinseo Says It Plans to File for Bankruptcy

Plastics maker Trinseo Plc said it plans to file a so-called prepackaged bankruptcy to cut about $2 billion of debt and reduce annual interest expense by $140 million.

The chemicals company said in a statement Wednesday that it reached a restructuring support agreement with creditors holding a majority of its debt. It plans to file for Chapter 11 in the coming weeks in the Southern District of Texas.

The plan includes about $158 million of debtor-in-possession financing to help fund the bankruptcy process. Trinseo also secured a $150 million accounts receivable facility along with exit financing.

Trinseo said it intends ...