Company News
December 17, 2025
FXI Plan to Improve Liquidity
FXI Holdings Discloses Proposed Debt Exchange to Extend Maturities, Boost Liquidity With Debt Balance Increase
October 23 2025
Reporting: Harvard Zhang, Patrick Fitzgerald
Privately held FXI Holdings disclosed the terms of its anticipated out-of-court transaction to address roughly $1.2 billion of bond borrowings due November 2026, with the company receiving some new money, pushing out maturities and increasing its debt balance, according to sources.
The proposed deal by the One Rock Capital Partners-backed manufacturer of polyurethane foam and polymer products has received the support of holders of 81% of the bonds, the sources said.
The proposed transaction envisions a $50 million capital infusion from certain bondholders in the form of super senior debt, the sources said. Bondholders would exchange their holdings into 61.8% of new 11% first lien debt due 2030 and 39.7% of new second lien debt due 2029, the sources said.
The new second lien paper will pay 16% PIK through November 2028 and shift to a 14% cash coupon thereafter, the sources said. The company is also required to raise $140 million of junior capital in November 2027 to pay down the new second lien debt, they added.
Octus previously reported about negotiations between the company and its bondholders that centered on providing bondholders with takeback paper and longer-dated maturities at par.
FXI was advised by Latham & Watkins, Perella Weinberg Partners and AlixPartners, while an ad hoc group of bondholders was represented by Paul Weiss and Houlihan Lokey, as reported.
The company disclosed second-quarter 2025 results in mid-August, reporting that adjusted EBITDA fell 10% on a year-over-year basis to $36 million as revenue decreased 11% to $288 million. FXI finished the period with $2.2 million in cash and $21 million of availability on its revolving credit facility.
Profitability has declined amid multiyear cyclical volume declines in the mattress market and weakness in demand for autos, Moody’s Ratings noted in May.
www.octus.com/resources/articles/fxi-holdings-discloses-proposed-debt-exchange/
December 16, 2025
BASF Labor Agreement
BASF agrees to no job cuts at Ludwigshafen plant for three years
Dec. 15, 2025 1:53 PM ETBASF SE (BASFY) StockBy: Carl Surran, SA News Editor
BASF (BASFY) said Monday it will refrain from compulsory job cuts at its main plant in Ludwigshafen, Germany, for at least three years while also pledging to spend €1.5 billion-€2 billion annually to modernize the site.
BASF (BASFY) said the new agreement with employee representatives initially applies from January 2026 to December 2028 and could be extended for two more years if agreed profitability targets are met.
More than 30,000 workers are employed at BASF’s (BASFY) headquarters plant in Ludwigshafen – Europe’s biggest chemicals plant – accounting for about a third of company’s global workforce.
In 2023, the company said it planned to cut 2,600 jobs at European production sites, including Ludwigshafen, which have been largely completed.
Germany’s chemical companies are struggling with another year of decline, with plants operating at an average of only 70% capacity this year, according to industry group VCI.
December 15, 2025
Kumho Mitsui to Increase MDI Capacity
Kumho Mitsui Chemicals to Increase Capacity of MDI Production Facilities
Ensuring a steady supply of high-performance materials for mobility and housing
2025.12.15
Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) today announced that affiliate Kumho Mitsui Chemicals Inc. (Seoul, South Korea; CEO: PARK Chan-Koo) has decided to further increase the capacity of its production facilities for methylene diphenyl diisocyanate.
Overview of capacity increase
| 1. Product | Methylene diphenyl diisocyanate (MDI) |
|---|---|
| 2. Location | Yeosu, Jeonnam, South Korea |
| 3. Capacity increase | 100,000 tons/year (610,000 tons/year → 710,000 tons/year) |
| 4. Schedule (tentative) | Start of construction in February 2026 End of construction in May 2027 |
MDI is a key raw material for polyurethane, widely used in automotive parts, furniture and bedding, insulation for homes and refrigerators, elastic fibers, and various adhesives. Demand for MDI is projected to grow at an annual rate of 5 percent going forward on account of policy measures around the globe to improve residential insulation as a means of global warming suppression, as well as due to the heightened demand accompanying economic growth.
Kumho Mitsui Chemicals manufactures and sells high-performance monomeric, modified, and high-viscosity polymeric types of MDI used for making auto parts, elastic fibers, and highly flame-retardant insulation materials, as well as commodity polymeric MDI used for making housing and home appliance insulation. The facility is already operating at full capacity following a 200,000-ton capacity increase in 2024. With this new capacity increase, Kumho Mitsui Chemicals will be able to accommodate growing demand for not only automotive materials, but also the high-performance MDI used in flame-retardant insulation materials.
Furthermore, this move will make full use of the recycling facilities introduced during the previous 200,000-ton capacity increase, reducing GHG emissions per unit of MDI produced. Through these efforts, Kumho Mitsui Chemicals aims to simultaneously reduce the plant’s carbon footprint while improving energy efficiency, thereby contributing to cost rationalization and the establishment of a sustainable production system.
Kumho Mitsui Chemicals is aiming to become a global leader for MDI. With this capacity increase, Mitsui Chemicals will pursue both expansion of the MDI business – which is projected for continued growth going forward – and further improvements to the performance of its MDI products.
Overview of Kumho Mitsui Chemicals
| 1. Establishment | March 1989 |
|---|---|
| 2. Capital | 35 billion won |
| 3. Ownership | Mitsui Chemicals, Inc. : 50% Kumho Petrochemical Co., Ltd. : 50% |
| 4. HQ & plant location | Headquarters: Seoul, South Korea Plant: Yeosu, Jeonnam, South Korea |
| 5. Business | Production and sale of MDI |
https://jp.mitsuichemicals.com/en/release/2025/2025_1215_1/index.htm
December 10, 2025
Covestro Sale Closes
Covestro and XRG commence strategic partnership: Transaction successfully closed
- EUR 1.17 billion capital increase has been executed
- Closing marks official start of partnership
Covestro AG today announced the successful closing of its strategic partnership with XRG P.J.S.C. (formerly ADNOC International Limited, together with its subsidiaries in the following “XRG”). The agreed capital increase of EUR 1.17 billion was carried out as planned, providing Covestro with additional resources to support the implementation of its “Sustainable Future” strategy.
Dr. Markus Steilemann, CEO of Covestro, said: “With today’s closing of the transaction, we can now begin our joint journey with XRG. Together with XRG as a strong and long-term partner, we are well positioned to drive Covestro’s transformation and create long-term value for our customers, employees, and stakeholders worldwide.”
The closing of the transaction marks the official start of the partnership, building on all underlying agreements and prior regulatory clearances.
Further information on the transaction can be found on the deal website at: www.covestro-offer.com
About XRG:
XRG is an international investment company with an enterprise value of $150 billion, investing across natural gas, chemicals and scalable energy solutions that power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG’s portfolio includes operating and non-operating interests in assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential for sustainable economic growth.
To find out more, visit: www.XRG.com
For media inquiries, please contact: media@XRG.com
About Covestro:
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).
December 3, 2025
Sinomax Acquires Vibe
Sinomax USA acquisition adds digitally native brand to its portfolio
Jennifer Marks //Editor in Chief//December 3, 2025
HOUSTON – Sinomax USA has acquired a foam sleep products brand whose products it has been producing for several years.
The bedding and mattress manufacturer, division of Sinomax group, announced its acquisition of the Vibe brand from Kimberly LLC. The deal includes all registered and unregistered trademarks, logos, copyrights, designs and additional intellectual property relating to the design, marketing, manufacturing, distribution and sale of household goods, including bedding and furniture under the Vibe brand. Terms of the transaction were not disclosed.
Vibe is a modern bedding and home comfort brand known for its fresh aesthetic and approach to making good sleep feel stylish and fun. The Vibe Original Gel Mattress continues to be one of the most awarded and top-rated mattresses in the online marketplace, earning the title “Best Mattress Overall on Amazon” three consecutive years by Forbes.com.
See also: Sinomax, EverRest partner to leverage range of strengths
“Vibe has grown into a beloved sleep and home brand with a distinctive personality and a strong foothold in the market,” said Frank Chen, CEO of Sinomax USA. “Formalizing this acquisition allows us to unlock the full potential of Vibe, accelerate its growth trajectory and bring even more innovation to consumers who love the brand’s energy, honesty and design-forward comfort.”
Sinomax USA has been the primary manufacturer of Vibe products for the last few years, helping shape the brand’s growth and product quality are part of their partnership.
Vibe products include mattresses, pillows, toppers, mattress pads and foundation frames. Earlier this year, Vibe landed its first physical retail placement with a rollout at Walmart stores.
The acquisition will enhance distribution by combining Vibe’s digital-first reach with Sinomax USA’s national retail partnerships. Simonax’s in-house creative and market team also plan to accelerate Vibe’s brand-expansion strategy.
“We’ve been building momentum with Vibe for years,” said Alysabeth Anderson, senior director of marketing & creative at Sinomax USA. “Now that the brand is officially part of the Sinomax family, we’re amplifying everything consumers already love – clean design, honest storytelling, and products that provide incredible comfort at an affordable price.”
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