An excluded lender group has challenged Trinseo’s restructuring in bankruptcy court. The filing targets the debtor and affiliated lenders tied to earlier financing moves.

These lenders say the disputed transactions harmed protections under the operating company loan documents. They argue the structure unfairly benefited another lender group during Trinseo’s distress.

Meanwhile, the complaint names several parties involved in Trinseo’s debt arrangements. It claims liability management steps created bankruptcy claims that should not exist.

Trinseo faced heavy financial pressure when it pursued fresh funding. However, the excluded lenders say more natural financing sources were overlooked.

Instead, Trinseo advanced with a new structure despite alleged credit agreement limits. Therefore, the company used a special vehicle to borrow from Super HoldCo lenders.