Kem One brings in new anchor shareholders to stabilise operations and cut debt

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Kem One has reached an agreement in principle with its key financial partners on a sweeping refinancing plan that will reduce its debt by €720-mn – almost 80% of the total – and inject €100-mn in fresh liquidity to support operations. As part of the deal, Monarch Alternative Capital and Arini will become the company’s new anchor shareholders, replacing funds managed by Apollo, which currently control the French PVC and chlorovinyls producer.

The liquidity package includes €30-mn jointly from Monarch and Arini, €40-mn in new capital from Apollo‑managed funds, and a €30-mn credit line. Governance will be reshaped to reflect the new ownership structure, with a board comprising representatives from Monarch and Arini, CEO Mr. Vincent Linchet, and a new chairman to be appointed.

Post‑recapitalisation, Kem One’s debt will fall to €154-mn, maturing in 2031, with interest capitalised to the first two years under a flexible “Pay If You Can” mechanism. Mr. Linchet said the agreement gives the company the financial stability needed to pursue its strategic priorities – diversifying its sales mix, maintaining essential security and environmental investments, strengthening operational excellence, and advancing decarbonisation efforts.

The transaction is expected to close by October 2026, subject to regulatory and legal approvals. Headquartered in Lyon, Kem One operates eight sites across France and Spain and employs just under 1,500 people.

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