TPI Composites Files for Chapter 11 Bankruptcy, Oaktree Capital Provides $82.5 Million Financing Facility

TPI Composites, a wind-blade maker, has filed for chapter 11 bankruptcy. The company has secured a debtor-in-possession financing facility of up to $82.5 million from Oaktree Capital Management. TPI expects to operate normally and sees no material operational effects from the bankruptcy proceedings. The move comes after the company initiated a strategic review in May due to economic challenges in the wind turbine industry.

TPI Composites, Inc. (NASDAQ: TPIC), a global company specializing in innovative and sustainable composite solutions, has filed for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. The move is part of a strategic review initiated in May due to economic challenges in the wind turbine industry. TPI has secured a debtor-in-possession (DIP) financing facility of up to $82.5 million from Oaktree Capital Management, L.P. [1].

The DIP financing, subject to final documentation and court approval, consists of up to $27.5 million in new money to support the company's day-to-day operations and up to $55 million rolled over from its existing senior secured credit facility. Oaktree's continued support underscores confidence in the company's long-term prospects. TPI expects to operate normally during the bankruptcy proceedings, with no material operational impact anticipated [1].

The company aims to reach agreement with stakeholders on a plan of reorganization, which will allow it to right-size its balance sheet and compete successfully in the current economic environment. TPI's CEO, Bill Siwek, emphasized the company's commitment to serving its customers and collaborating closely with suppliers throughout the restructuring process [1].

TPI has filed customary motions with the Bankruptcy Court seeking 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].

Oaktree Specialty Lending, a business development company that provides credit solutions to middle-market companies, reported a shortfall in earnings and revenue for the quarter ended June 30, 2025. Adjusted net investment income per share was $0.37, missing estimates and declining 32.7% year over year. Adjusted total investment income reached $74.3 million, below analyst expectations and down 22.3% year over year compared to Q3 2024 [2].

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.nasdaq.com/articles/oaktree-ocsl-q3-income-drops-33