Venator, which has successfully completed the Chapter 11 recapitalization process and has improved its balance sheet and lower debt. Companies are now better able to respond to macroeconomic and market challenges. Venator's recapitalization plan was confirmed by the bankruptcy court on July 25, 2023. After experiencing unprecedented macroeconomic headwinds, Venator entered the restructuring process, which included a significant decline in product demand and rising raw material and energy costs. The company had significantly reduced its debt from more than 1 billion yuan to approximately $200 million when it emerged. Most of the company's equity after the capital reorganization is now owned by its former lenders through the equidization of the company's pre-application debts. It is expected that the company's credit rating will be improved in due course to reflect its improving credit profile.