On December 20, 2022, DCL Corporation (DCL), a prominent manufacturer and reseller of color pigments, announced that its U.S. subsidiaries filed for Chapter 11 bankruptcy in Delaware, while its Canadian subsidiaries began restructuring under the Companies' Creditors Arrangement Act. DCL entered a stalking horse asset purchase agreement to sell most of its assets through a Section 363 sale process, pending court approval and potential higher offers.

DCL's international subsidiaries in the U.K. and Netherlands were excluded from these proceedings. To support its restructuring, DCL secured up to $55 million in debtor-in-possession financing from Wells Fargo. This funding, along with operational cash flow, is expected to maintain normal business operations during the court-supervised process.

DCL planned to file customary first-day motions to continue normal business operations, including paying employee wages and honoring customer commitments.