TPI Composites Files for Bankruptcy Amidst Wind Industry Pressures

TPI Composites, a wind turbine blade manufacturer, has filed for Chapter 11 bankruptcy in Texas with estimated assets of $500 million to $1 billion and liabilities of $1 billion to $10 billion. The company operates factories in the US, Mexico, Turkey, and India and had annual net sales of $1.3 billion. Oaktree Capital Management has agreed to provide debtor-in-possession financing of up to $82.5 million to support TPI's operations.

Wind turbine blade manufacturer TPI Composites, Inc. (NASDAQ: TPIC) has filed for Chapter 11 bankruptcy in Texas, seeking to restructure its debt and position the company for long-term success. The company, headquartered in Scottsdale, Arizona, operates factories in the US, Mexico, Turkey, and India, and had annual net sales of $1.3 billion. TPI's estimated assets range from $500 million to $1 billion, while its liabilities are estimated to be between $1 billion and $10 billion [2].

The filing comes amidst industry-wide pressures that have created financial challenges for TPI. CEO Bill Siwek stated, "Despite recent progress, industry-wide pressures have created financial challenges that must be addressed" [1]. These pressures include economic, supply, and political hurdles, such as inflation, supply-chain issues, and regulatory challenges.

To support TPI during this process, Oaktree Capital Management has agreed to provide a debtor-in-possession (DIP) financing facility of up to $82.5 million, including $27.5 million in new money. This financing will support TPI's day-to-day operations and is subject to final documentation and court approval [1]. The company expects to continue operating normally and does not anticipate any material operational impact from the Chapter 11 proceedings.

TPI has filed a number of customary motions with the Bankruptcy Court seeking court authorization to support its operations, including the payment of employee wages, salaries, and benefits. The company anticipates receiving Bankruptcy Court approval for these requests and intends to continue honoring its obligations to key stakeholders post-filing [1].

The case is TPI Texas LLC, case number 25-90283, in the US Bankruptcy Court of the Southern District of Texas. Additional information regarding the company's court-supervised process is available at https://restructuring.ra.kroll.com/TPIComposites [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/11/3131326/0/en/TPI-Composites-Inc-Initiates-Voluntary-Chapter-11-Proceedings-to-Facilitate-Restructuring-to-Position-Company-for-Long-Term-Success.html
[2] https://www.bloomberg.com/news/articles/2025-08-11/wind-blade-maker-tpi-composites-files-for-bankruptcy-in-texas