TPI Composites, Inc. Advances Chapter 11 Process with Court Approval of First-Day Motions

Rhea-AI Summary

TPI Composites (NASDAQ: TPIC) has received approval from the U.S. Bankruptcy Court for all first-day motions in its Chapter 11 proceedings. The court granted interim approval for $82.5 million in debtor-in-possession financing from senior secured lenders. The approvals enable TPI to maintain normal business operations, including employee wages and benefits, cash management systems, and critical prepetition obligations.

CEO Bill Siwek emphasized the company's focus on maintaining stability for employees, customers, and partners while executing strategic initiatives for long-term strengthening. The company has established dedicated channels for stakeholders to access information about the restructuring process through Kroll, its claims agent.

Positive

• None.

Negative

• Filed for Chapter 11 bankruptcy protection
• Requires court approval for major business decisions
• Faces financial restructuring challenges
• Potential impact on shareholder equity value

Secures Access to Liquidity and Financial Flexibility

Operations Continue Uninterrupted for Employees, Customers, and Supply Partners

Company Focused on Executing Strategic Initiatives for Long-Term Stability

SCOTTSDALE, Ariz., Aug. 13, 2025 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (NASDAQ: TPIC) together with its domestic subsidiaries (collectively, “TPI” or the “Company”) announced today that the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) approved all first-day motions filed by the Company in connection with its voluntary chapter 11 proceedings.

The approvals provide the Company with the operational flexibility and liquidity necessary to continue normal business operations during the chapter 11 process. Key motions approved include, interim approval for debtor-in-possession financing from its senior secured lenders of up to $82.5 million, the continuation of employee wages and benefits, maintenance of cash management systems, and the authority to pay certain prepetition obligations critical to ongoing operations.

“Our priority is to maintain stability and support for our employees, customers, and partners during this process,” said Bill Siwek, Chief Executive Officer of TPI. “The court’s approval of these first-day motions allows us to focus on executing our strategic initiatives to strengthen the Company for the long term.”

Additional Information

Additional information regarding the Company’s court-supervised process is available at https://restructuring.ra.kroll.com/TPIComposites. Court filings and other information related to the proceedings are available on a separate website administrated by the Company’s claims agent, Kroll, at https://restructuring.ra.kroll.com/TPIComposites; by calling Kroll representatives at (877) 280-2696 within the U.S. & Canada (or +1 (646) 290-7082 internationally for calls originating outside of the U.S.); or by sending an email to TPIinfo@ra.kroll.com.

About TPI

TPI Composites, Inc. is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, costeffective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include statements, among other things, concerning: the adoption, implementation and consummation of a Chapter 11 plan of reorganization; the commencement of Chapter 11 proceedings in U.S. bankruptcy court; growth of the wind energy and electric vehicle markets and our addressable markets for our products and services; effects on our financial statements and our financial outlook; our business strategy, including anticipated trends and developments in and management plans for our business and the wind industry and other markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, profitability, products, projected costs, warranties, our ability to improve our operating margins, and capital expenditures. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “potential,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in “Risk Factors,” in our Annual Report on Form 10-K and other subsequent filings with the SEC.

Investor Relations

480-315-8742

Investors@TPIComposites.com

FAQ

What did the bankruptcy court approve for TPI Composites (TPIC)?

The court approved all first-day motions, including $82.5 million in debtor-in-possession financing, continuation of employee wages and benefits, maintenance of cash management systems, and authority to pay critical prepetition obligations.

How much debtor-in-possession financing did TPIC secure in its Chapter 11 process?

TPI Composites secured interim approval for up to $82.5 million in debtor-in-possession financing from its senior secured lenders.

Will TPI Composites continue normal operations during Chapter 11?

Yes, TPI Composites will maintain normal business operations, including employee wages and benefits, while proceeding through the Chapter 11 process.

How can stakeholders access information about TPI Composites' restructuring?

Stakeholders can access information through Kroll's website at restructuring.ra.kroll.com/TPIComposites, call (877) 280-2696 (U.S. & Canada), or email TPIinfo@ra.kroll.com.

What is the purpose of TPI Composites' Chapter 11 filing?

The Chapter 11 filing aims to provide TPI with operational flexibility and liquidity necessary to strengthen the company for the long term while maintaining stability for employees, customers, and partners.