TPI Composites files for Chapter 11

BY Fraser Tennant

Amid “industry-wide pressures”, US wind turbine blade maker TPI Composites, along with its domestic subsidiaries, has filed for Chapter 11 bankruptcy protection to pursue a comprehensive restructuring.

To allow it to emerge as a stronger enterprise, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, with its senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management.

The agreement will see Oaktree provide a debtor-in-possession financing facility which is expected to be comprised of up to $27.5m in new money to support TPI’s day to day operations and up to $55m rolled up from the company’s existing senior secured credit facility.

“Industry-wide pressures have created financial challenges that must be addressed,” said Bill Siwek, chief executive of TPI. “We have explored a variety of alternatives to address the challenges we face and believe that a Chapter 11 process is necessary to position the company for success.”

In conjunction with the Chapter 11 proceedings, TPI has filed a number of customary motions with the Bankruptcy Court seeking court authorisation to support its operations, including the payment of employee wages, salaries and benefits.

TPI anticipates receiving court approval for these requests and intends to continue honouring 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.

“We aim to reach agreement with stakeholders on the terms of a plan of reorganisation 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,” continued Mr Siwek. “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.”

Focused on innovative and sustainable solutions to decarbonise and electrify the world, TPI operates factories in the US, Mexico, Turkey and India, with additional engineering development centres in Denmark and Germany and global service training centres in the US and Spain.

TPI does not expect any material operational impact from the Chapter 11 proceedings and will continue to operate its manufacturing sites to deliver blade services.

Mr Siwek concluded: “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.”

News: Oaktree to take over wind blade maker TPI after bankruptcy

3D printer maker Desktop Metal files for Chapter 11

BY Fraser Tennant

US 3D printer manufacturer Desktop Metal, along with more than a dozen of its US affiliates, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas. 

According to court documents, Desktop Metal – a subsidiary of machinery industry company Nano Dimension – has assets and liabilities in the range of $100m to $500m.

The decision to file for Chapter 11 was made by Desktop Metal’s independent board of directors after exploring strategic alternatives to address significant liabilities and liquidity needs stemming from decisions made by its prior management.

Although the filing means that the company is unable to meet contractual obligations regarding services or pay, Desktop Metal will retain control of its business operations while it undergoes reorganisation, including a planned sale of its subsidiaries.

To that end, the company is in discussions to sell a number of its foreign subsidiaries – ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO srl – to an affiliate of Anzu Partners, an investment firm that focuses on cleantech, industrial and life science technology companies.

Should the court-supervised process be successful, the sale will go toward repaying part of Desktop Metal’s debts, resulting in a stabilisation of the remaining corporate structure.

“We are safeguarding our financial strength and preserving our position as the best capitalised company in our ecosystem,” said Ofir Baharav, chief executive of Nano Dimension. “This is what enables Desktop Metal to pursue strategic opportunities from a position of maximum strength – and that is exactly what the company’s shareholders should expect from us.”

Nano Dimension acquired Desktop Metal in a $179.3m transaction in April 2025.

Driving a new era of digital mass production of industrial, military, medical and consumer products, the Massachusetts-based Desktop Metal’s innovative 3D printers, materials and software save time and money, reduce waste, increase flexibility and enable once-impossible innovations.

In a statement, Desktop Metal said it valued its stakeholders – employees, customers, vendors and other partners – and would be communicating with them directly regarding next steps in the coming days.

News: Nano Dimension subsidiary Desktop Metal files for Chapter 11 bankruptcy

Glucose monitoring firm LifeScan files for Chapter 11

BY Fraser Tennant

As part of a plan to be taken over by its creditors, blood glucose monitoring device manufacturer LifeScan has filed for Chapter 11 bankruptcy protection under a prearranged restructuring support agreement (RSA).

Through the RSA, LifeScan expects to reduce more than 75 percent of its $1.275bn debt, which will enable the company to accelerate strategic investments that will support the future of the business.

LifeScan’s international subsidiaries are not included in the Chapter 11 filing in the US.

LifeScan expects to emerge from the bankruptcy process under the majority ownership of a group of the company’s existing lenders, with whom it has had a longstanding and productive relationship. The company’s financial partners recognise the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan’s go-forward strategy.

A global leader in blood glucose monitoring and digital health technology, LifeScan’s OneTouch brand products help more than 20 million people with diabetes and their caregivers around the world improve the quality of life for people with diabetes with products and digital platforms defined by simplicity, accuracy and trust.

“This balance sheet restructuring will significantly strengthen LifeScan’s financial position, enabling us to continue serving more than 20 million customers across 50-plus countries and put new growth strategies in place,” said Valerie Asbury, chief executive of LifeScan. “With a stronger financial foundation upon emerging from this process, LifeScan will be better positioned to invest in its global business.”

This investment will see LifeScan continue to prioritise product availability and superior customer service as it works proactively to become one of the most comprehensive players in the glucose management industry. As part of this effort, the company intends to accelerate strategies in the US market that offer both stronger economics and more predictable patient access.

“In the US, we will continue to take action to expand access to OneTouch so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription,” continued Ms Asbury. “We recognise that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels.”

LifeScan intends to operate in the ordinary course throughout the restructuring proceedings and anticipates emerging by the end of 2025, with a strengthened balance sheet and enhanced liquidity to support its US and international growth initiatives.

Ms Asbury concluded: “LifeScan is deeply grateful for the partnership of its lenders and sponsor and the unyielding commitment of its employees, which will enable it to become a stronger company and create a world without limits for people with diabetes.”

News: Vital diabetes care health care brand files Chapter 11 bankruptcy

Linqto files for Chapter 11 bankruptcy protection

BY Richard Summerfield           

Private investment platform Linqto has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of Texas.

The company, which enabled retail investors to purchase shares in pre-IPO companies like Ripple through series limited liability companies (LLCs), filed for bankruptcy protection on Monday citing “potentially insurmountable operating challenges” as the main driver behind the filing.

According to court documents, the firm’s investment vehicle, LiquidShares, holds securities valued at over $500m across 111 companies, including 4.7 million Ripple shares. The filing, which includes Linqto Inc. and affiliated entities, aims to protect asset value while restructuring operations under judicial oversight. Linqto will continue limited business activities during proceedings and secured up to $60m in debtor-in-possession financing from Sandton Capital Partners to maintain critical operations.

“After carefully evaluating Linqto’s alternatives, the board of directors made the decision that seeking a court-supervised restructuring was in the best interests of all Linqto customers to preserve, protect, and maximize the value of Linqto’s assets for the benefit of its stakeholders,” said Dan Siciliano, chief executive of Linqto. “Linqto cannot continue to operate under existing conditions without restructuring. The company faces potentially insurmountable operating challenges as a result of serious alleged securities law violations and related ongoing investigations by the Division of Enforcement of the US Securities and Exchange Commission as well as other regulatory agencies. In addition, Linqto recently discovered several serious defects in the corporate formation, structure, and operation of the business that raise questions about what customers actually own and which management believes can only be fairly and effectively addressed through restructuring.”

He continued: “When the new management team was hired in early 2025, we made it clear that there can be no path forward that preserves value of customer interests without remediating alleged securities laws violations from prior management and not breaking the law. Despite reducing expenses, the only way forward is to seek court-supervised protection that will let us restructure the business into a profitable, law-abiding organization while resolving the ongoing regulatory investigations faster.”

The company has faced increased scrutiny from US regulators of late. According to The Wall Street Journal, internal reviews of the company have also raised serious red flags. Linqto allegedly marketed private equity investments to ineligible retail investors, failed to properly transfer title of securities to customers, and sold Ripple shares to users at markup levels far above the 10 percent cap permitted by the SEC.

Linqto has appointed Jeffrey S. Stein of Breakpoint Partners as its chief restructuring officer and has said it intends to cooperate with regulators throughout the process.

News: Linqto Files for Voluntary Chapter 11 to Protect and Maximize Stakeholder Value Through Court-Supervised Restructuring

Chipmaker Wolfspeed files for Chapter 11 bankruptcy

BY Fraser Tennant

Amid huge debt and slowing demand from electric vehicle and industrial markets, chipmaker Wolfspeed has filed for Chapter 11 bankruptcy to facilitate the implementation of a restructuring support agreement (RSA) with key lenders.

Upon emergence from the Chapter 11 process, Wolfspeed expects to have reduced its overall debt by approximately 70 percent, representing a reduction of approximately $4.6bn and a reduction of its annual total cash interest payments by approximately 60 percent.

The company raised going-concern doubts in May 2025, as deepening economic uncertainty stemming from changing US trade policies, combined with weakening demand, triggered a series of financial challenges.

However, through the Chapter 11 filing and RSA, Wolfspeed expects to be better positioned to execute on its long-term growth strategy and accelerate its path to profitability. Concurrently, the company is continuing to operate as usual throughout the process, including delivering silicon carbide materials and devices to its customers and paying its vendors in the ordinary course.

“We are continuing to move forward with our accelerated restructuring process to strengthen our capital structure and fuel our next phase of growth,” said Robert Feurle, chief executive of Wolfspeed. “With a stronger financial foundation, Wolfspeed will be better positioned to move faster on our strategic priorities and maintain our position as a global leader in the silicon carbide market. The strong support of our lenders is a testament to their belief in our business and our ability to capitalise on the opportunities ahead, driven by our exceptional, purpose-built, fully automated 200mm manufacturing footprint.”

As the pioneers of silicon carbide – a more energy-efficient material than traditional silicon – and creators of the most advanced semiconductor technology on earth, Wolfspeed leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations.

Wolfspeed expects to move through the Chapter 11 process swiftly and emerge by the end of the third quarter of 2025.

“We remain laser-focused on delivering cutting-edge products to our customers and working with our vendors in the normal course,” concluded Mr Feurle. “I am confident that the restructuring process will better position Wolfspeed to meet the growing demands of the semiconductor market.”

News: Wolfspeed files for bankruptcy protection to cut worsening debt