What We Announced
On August 11, 2025, TPI and its domestic subsidiaries (collectively, “TPI” or the “Company”) announced that they voluntarily filed for relief under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas to pursue a comprehensive restructuring of the Company that will allow the Company to emerge as a stronger enterprise. To support the Company during this process, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, for a debtor-in-possession (“DIP”) financing facility of up to $82.5 million to be provided by the Company’s senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management, L.P. (“Oaktree”).
TPI is operating normally and continuing to support our customers.
We believe this is a positive step forward for TPI and look forward to emerging from this process as a stronger and better capitalized TPI.
Our Future
Throughout this process and moving forward, TPI will continue operating normally and does not expect any material operational impact from the chapter 11 proceedings. The Company will continue to work closely with its customers and suppliers, including by continuing to operate its manufacturing sites and delivering blade services.
Bill Siwek, President and CEO stated, “As we move through this process, we remain committed to serving our customers and collaborating closely with our suppliers. 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.”
Generally Frequently Asked Questions
What is Chapter 11?
- Chapter 11 refers to the section of the U.S. Bankruptcy Code that covers court-supervised restructurings of businesses. During the chapter 11 process, a company is able to continue to conduct business while reorganizing its finances and operations in order to meet the claims of those to whom it owes money. This is accomplished in part through a legal mechanism known as the “automatic stay,” which stops creditors from taking action to collect money or property they are owed.
Why did TPI file for Chapter 11? Why now?
- Over the past year we have faced macroeconomic headwinds, operational and regulatory challenges, and our debt load is outsized relative to the size and scale of our business.
- Importantly, the Chapter 11 process provides an orderly forum for TPI to implement the balance sheet restructuring.
- With additional financial flexibility, we will be better positioned to invest in our operations and execute our strategic initiatives.
- We believe this is a positive step forward for TPI and look forward to emerging from this process as a stronger and better capitalized TPI.
Will the restructuring process affect TPI’s day-to-day operations? Will there be any changes to the products and services TPI provides?
- The Company expects to continue normal business operations during this process and expects to meet its financial obligations in the ordinary course and is not planning to go out of business.
When does TPI expect to complete the restructuring process?
- TPI intends to move through the chapter 11 process with the support of key financial stakeholders as quickly and efficiently as possible; but it cannot provide a definitive timeline for emergence at this time.
- Important milestones and other information will be provided on TPI’s website maintained by the claims and notice agent (see below).
Will the restructuring process have any impact on TPI’s strategic initiatives?
- No – we are continuing to execute on our strategic initiatives.
- In fact, with additional financial flexibility, we will be better positioned and funded to focus on those strategic initiatives aimed at growth and driving improved profitability.
Is TPI going out of business?
- No. TPI is operating normally and remains a key part of the wind energy supply chain with strong support from our OEM customers.
- We are continuing to support our customers as usual.
Does TPI have sufficient liquidity to continue operating?
- Yes. We have received a commitment for debtor-in-possession financing from our senior secured lenders.
- Following court approval, this financing will provide sufficient liquidity to support our day-to-day operations during this process, including paying our trade vendors and suppliers on time during the process.
Who will own TPI following the financial restructuring process?
- Oaktree is expected to become the new financial owner of TPI and TPI will emerge as a privately-held company.
- The support of Oaktree reflects their confidence in our business, the market and the TPI brand.
- Importantly, the ownership transition, which technically occurs upon our emergence from the court-supervised process, is not expected to have any impact on our day-to-day business operations or our stakeholders, including associates, partners, customers or communities.
Will there be any management team or organizational changes as a result of the restructuring process or new ownership?
- TPI’s management team will continue to run the day-to-day operations of the business during the Company’s chapter 11 process.
Customers
What does this mean for TPI’s customers?
- TPI is operating normally and continuing to support our customers.
- There are no changes to how we work with you, and your contracts and agreements remain in place.
- We believe this is a positive step forward for TPI that will enable us to move ahead as a stronger company and an even better partner to you.
Why should I continue to do business / consider contracts with TPI?
- There are no changes to how we work with you, and our contracts and agreements remain in place.
- TPI is operating normally and continuing to support our customers with industry-leading products and services as we always have.
- We believe this is a positive step forward for TPI that will enable us to move ahead as a stronger company and an even better partner to you.
Are there any changes to my contract with TPI as a result of this announcement?
- No. Your contract remains in place.
Will my TPI contact remain the same?
- Yes. You can continue to reach out to your usual TPI contact.
Where can I obtain additional information?
- Additional information is available at https://restructuring.ra.kroll.com/TPIComposites/
- We will continue to keep you informed of key milestones as we move ahead.
- If you have further questions, please reach out to your usual contact.
Trade Vendors & Suppliers
Will vendors be paid for goods or services provided after the filing date? Why should I continue to provide goods or services to the Company?
- TPI plans to operate its business in the normal course throughout the chapter 11 process. All goods and services provided while the Company is in chapter 11 will be paid in the ordinary course of business. U.S. bankruptcy law affords administrative priority treatment to vendor claims incurred after a debtor has commenced bankruptcy cases.
- The Company has secured interim financing through the restructuring process and fully intends to operate its business in the ordinary course and meet its post-filing obligations to its vendors.
- TPI values the partnership it has developed with its suppliers and other vendors and plans to work closely with these parties throughout this process. TPI has taken this action to establish a more sustainable capital structure and make it a stronger business partner going forward. Your cooperation throughout this process will help ensure that we can continue working together in the future.
Will vendors be paid for goods or services provided before the filing date?
- Under U.S. bankruptcy law, unpaid debts for goods and services provided to TPI prior to the filing date generally cannot be paid without specific Bankruptcy Court approval. Notwithstanding the foregoing, TPI has requested authority from the Bankruptcy Court to make certain prepetition payments related to production and operation expenses to certain vendors and suppliers.
- In addition, under U.S. bankruptcy law, claims for goods and materials provided to a debtor within the 20 days prior to the bankruptcy filing may be entitled to priority treatment under the Bankruptcy Code. TPI also has requested authority from the Bankruptcy Court to pay certain undisputed prepetition claims for goods or materials received within the 20 days prior to filing in the ordinary course, as such claims become payable.
- The Debtors’ motion requesting this authority to pay these prepetition claims may be found on Kroll’s website https://restructuring.ra.kroll.com/TPIComposites/
- Claims for amounts owed for goods and services provided prior to the filing date that are not authorized through the motion referenced above will be addressed as part of the chapter 11 process moving forward.
- If you believe you have a prepetition claim or an administrative claim for goods and services provided to TPI, you may need to file a proof of claim with the Bankruptcy Court to be eligible for payment on your claim. Information about the claims process will be made available at a later date.
Am I obligated to continue to supply goods or services under an existing contract?
- Yes, you must continue to fulfill your obligations to TPI under an existing contract. U.S. bankruptcy law generally provides that contract counter-parties do not have the right to terminate a contract with a debtor or to withhold goods or services from a debtor due to the commencement of a bankruptcy proceeding. We would encourage any party who believes that it can take unilateral action to seek legal advice before taking any steps to terminate a contract or stop performance under a contract.
How do I file a claim for outstanding amounts owed?
- TPI’s claims and notice agent, Kroll will be providing the appropriate forms once a deadline for filing claims has been set. Proof of claim forms and other information about the claims process will be available at the following website: https://restructuring.ra.kroll.com/TPIComposites/
How can I obtain more information?
- Additional information about the case, including legal filings and claims information can be found at the website maintained by TPI’s claims and notice agent: https://restructuring.ra.kroll.com/TPIComposites/
- You may also call the following toll-free numbers for more information:
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- (877) 280-2696 – toll free number intended for callers within the US and Canada
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- (646) 290-7082 – local toll number intended for international callers
- You may also email inquiries to the following:
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- TPIinfo@ra.kroll.com
Trade Associations
What does this mean for our organization? Will you continue to be a member / support us going forward?
- We believe this is a positive step forward for TPI and look forward to emerging from this process as a stronger and better capitalized company – for the benefit of our key stakeholders and our industry.
- We value our relationship and look forward to continuing to work together in support of our mutual objectives, however, we are evaluating our ability to provide funding as we move forward.
Will my contact remain the same?
- Yes. You can continue to reach out to your usual TPI contact.
Where can I obtain more information?
- We will continue to keep you informed of key milestones as we move ahead.
Shareholders
What does a chapter 11 filing mean for my stock? Will I be able to recover any value?
- Any recovery to existing stockholders will be determined in connection with TPI’s plan of reorganization. The Company expects that holders of the Company’s common stock will not receive distributions in the Chapter 11 Cases, and that the equity will be canceled under a chapter 11 plan.
Will shares in TPI stop publicly trading?
- We expect that TPI’s common stock will be delisted from NASDAQ shortly after the chapter 11 filing, as is typical in a chapter 11 case.
- If TPI’s common stock is delisted, the common stock may still trade over the counter in the Pink Sheets or on the OTCBB, but we cannot assure you that this will be the case.
Should/Can I sell my shares?
- Neither TPI, nor any of its associates, advisors or representatives can provide financial advice with respect to an investment in TPI. All investors are encouraged to consult their personal financial advisor(s).
Will you release quarterly earnings reports and host investor conference calls?
- TPI expects to continue to file all required filings with the Securities and Exchange Commission during the reorganization proceedings.
- TPI may elect to not issue earnings press releases or hold quarterly conference calls during the reorganization proceedings.
Are there any steps or legal filings I need to make as a shareholder to maintain my interest in TPI?
- We cannot provide investment or legal advice. You may wish to consult with your broker, personal financial advisor, or legal counsel to discuss your options.