TPI Composites, Inc., a global leader in wind blade manufacturing, has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate a comprehensive restructuring of its balance sheet. The move is aimed at stabilizing finances, improving liquidity, and positioning the company for long-term competitiveness in the wind energy sector.

To support operations during the restructuring, TPI has reached an agreement with senior secured lenders led by Oaktree Capital Management for a debtor-in-possession (DIP) financing facility of up to $82.5 million. This includes $27.5 million in new capital to fund day-to-day operations and $55 million rolled over from its existing credit facility. The arrangement also includes the consensual use of approximately $50 million in cash collateral, signaling strong lender confidence in the company s recovery plan.

CEO Bill Siwek emphasized that the Chapter 11 process will allow TPI to right-size its balance sheet and secure the liquidity needed to invest in innovation and maintain customer commitments. The company stressed that all manufacturing facilities and blade services operations will continue without disruption, while employee wages, benefits, and supplier obligations for post-filing services are expected to be honored with court approval.

TPI highlighted that the restructuring plan will prioritize collaboration with stakeholders to ensure a smooth process and reinforce its ability to deliver advanced wind blade solutions. The company remains focused on its mission to support global renewable energy growth while addressing financial headwinds facing the industry.

Source: ir.tpicomposites.com