Novvi Press Release
On February 12th, Novvi successfully exited Chapter 11 with the implementation of its restructuring plan. This significant milestone marks a new chapter for the company as it positions itself for growth and success in the sustainable chemicals market. Our achievement would not have been possible without the trust and collaboration of our valued customers and partners.
Through the bankruptcy process our balance sheet and equity ownership were restructured to provide a course towards financial stability. Throughout the process, we received continued support from Shareholders, Chevron U.S.A. Inc. and H&R Group US, Inc., who will maintain their dual roles as investor and customer. The unwavering support from our Shareholders reaffirms confidence in Novvi’s market potential and the value we deliver to customers.
As we leave behind the challenges of Chapter 11, we are excited to recommit ourselves to providing the exceptional products and services that you have come to expect from Novvi. Key highlights of our restructure and focus include:
Capital Infusion: We have secured a substantial capital infusion, providing the necessary financial strength to support ongoing operation and strategic initiatives. It will not be business as usual, but a stronger and more dynamic Novvi.
Operational Excellence: We are increasing investment in operations to drive efficiencies, reduce costs and improve overall performance. These investments are aimed at improving our long-term viability and competitiveness, while also adding capability for new product introductions.
Innovation: With a refreshed financial outlook, we are eager to execute a strategic vision and capitalize on emerging market opportunities. We are focused on innovation that imparts tremendous value and sustainability to our customers and market segments.
Customer Satisfaction: Our relationship with our customers remains our top priority. We value their trust and support, and we are committed to delivering the high-quality products expected from Novvi.
We are encouraged by the opportunities that lie ahead and are committed to continuing the high standards of quality and service that you have come to expect from Novvi. Your ongoing support has been instrumental in bringing us to this point, and we are eager to reciprocate by exceeding your expectations in the days, months, and years to come.
Should you have any questions or if there is anything that you’d like to discuss further, please do not hesitate to reach out to us. We value your feedback and input as we move forward and look forward to strengthening our partnership with you