Mercer International Inc. has begun voluntary Chapter 11 prepackaged restructuring proceedings with one non-operating subsidiary in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The process implements a previously announced recapitalization supported by holders of more than 88% of the outstanding principal of Mercer’s 12.875% Senior Notes due 2028 and 5.125% Senior Notes due 2029. Mercer’s operating subsidiaries are not part of the cases and are expected to continue normal operations without impact on customers, suppliers or employees. Subject to court confirmation, required conditions and regulatory approvals, Mercer expects to complete the recapitalization by the end of 2026. The company expects to reduce senior-note debt by approximately 88%, eliminate more than $100 million in annual cash interest payments and raise approximately $400 million through a fully backstopped rights offering. Trading of Mercer’s common stock currently continues on Nasdaq under the symbol MERC, although the company expects Nasdaq may suspend trading and the stock could later be quoted over the counter.