A group of U.S. investors has been appointed to buy Westlake and its $6.5 billion in debt.
The investors will take over a company that had a debt-to-equity ratio of just 7.4 percent and was valued at about $5.4 billion in March.
The group of investors includes investors from Goldman Sachs, Citigroup, BlackRock, and Morgan Stanley.
They are seeking to buy a controlling stake in the company.
“Westlake has the potential to be one of the most valuable publicly traded companies in the world and this acquisition is a critical step toward that goal,” Westlake Chief Executive Officer Paul B. Feltgen said in a statement.
Westlake was the target of the government shutdown.
The group will have to approve the purchase and will receive a formal notice from the Securities and Exchange Commission, a company spokesman said.
Westlake has a $5 billion cash position, according to Bloomberg data.
The company said last month it was expecting to receive about $1.4 million in tax refunds and dividends for the fiscal first quarter of 2019.