A Texas-based chemical manufacturer, Viridis Chemical, LLC, has voluntarily filed for bankruptcy. The filing comes just months after the company paused work on a nearly completed plant near Peoria, Illinois.
Viridis Chemical, LLC Enters Bankruptcy
According to the court records available on PACER, Viridis Chemical, LLC officially submitted its Chapter 11 petition on March 8, 2026.
The Chapter 11 filing is aimed at restructuring the company’s operations. Court records show the business has between 50 and 99 creditors.
Attorney Paul E. Heath of Vinson & Elkins LLP is legally representing Viridis Chemical, LLC in the U.S. Bankruptcy Court for the Southern District of Texas. Patrick D. Killian, the company’s chief executive officer, signed the petition before it was submitted to the court.
Texas-based Viridis Chemical listed its principal assets at a facility in Peoria, Illinois, according to its Chapter 11 filing.
The bankruptcy filing follows a recent halt in work at the company’s Illinois plant, according to c&en. The facility, located near Peoria, was designed to produce ethyl acetate using corn-based feedstocks.
Viridis Chemical, LLC had used much of 2025 to shift the biobased ethyl acetate plant from Columbus, Nebraska. But in December, investors, including EIV Capital, noted issues, leading to the pause of operations. Tariffs on imported equipment also pushed project costs higher. In addition, Viridis Chemical, LLC faced the impacts of a weakened biobased chemicals market.
Four Affiliates File for Chapter 11 Proceedings
The latest court records show that Viridis Chemical, LLC requested a joint administration of pending bankruptcy filings by its four affiliates. These entities are Viridis Chemical Payroll Holdings, LLC, Viridis Chemical NE Asset Co 1, LLC, Viridis Chemical Payroll, LLC, and Viridis Chemical NE Asset Co 2, LLC.
Key Bankruptcy Details
According to court filings, once administrative expenses are paid, no funds will be available for distribution to the unsecured creditors of Viridis Chemical, LLC. Further information listed in its Chapter 11 petition is:
- Filing Date: March 8, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Southern District of Texas
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-90393
- Estimated Assets: $10,000,001-$50 million
- Estimated Liabilities: $10,000,001-$50 million
- Reason for Filing: Restructure business under court supervision
The chemical manufacturer also shared a consolidated list of creditors who have the 30 largest unsecured claims and are not insiders. The company also submitted a consolidated corporate ownership statement under federal bankruptcy rules. The filing also lists the company’s equity security holders.
Company Background
As a chemical manufacturer, Viridis Chemical, LLC offers renewable and low-carbon chemicals, including ethyl acetate, to industries. According to the company website, its low carbon footprint serves packaging, pharmaceutical, coatings, and more industries. Some of its certifications are the ISCC PLUS sustainability standard and the Cosmos Natural.
An Award-Winning Sustainable Company
Reflecting its emphasis on sustainability, Viridis Chemical, LLC achieved the ICIS 2023 Best Product Innovation Award. According to PR Newswire, this recognition was for the small-to-medium enterprise category awarding the Texas company for a 100% biobased ethyl acetate achievement.
Viridis Chemical, LLC makes use of proprietary manufacturing technologies and renewable biobased feedstocks for developing sustainable products with minimum carbon emissions.
The bankruptcy filing of Viridis Chemical, LLC highlights a notable point in its business as the chemical manufacturer takes efforts to stay afloat in a weakened market.
