Debt Obligations

Debt outstanding at March 31, 2019 and December 31, 2018 is as follows:



	March 31, 2019				December 31, 2018
	Long-Term		Due Within One Year		Long-Term		Due Within One Year
ABL Facility	$	—	$	296	$	—	$	137
Senior Secured Notes:
6.625% First-Priority Senior Secured Notes due 2020	—		1,550				1,550
10.00% First-Priority Senior Secured Notes due 2020	—		315		—		315
10.375% First-Priority Senior Secured Notes due 2022	—		560		—		560
13.75% Senior Secured Notes due 2022	—		225		—		225
9.00% Second-Priority Senior Secured Notes due 2020	—		574		—		574
Debentures:
9.2% debentures due 2021	—		74		—		74
7.875% debentures due 2023	—		189		—		189
Other Borrowings:
Australia Facility due 2021	30		4		30		4
Brazilian bank loans	11		42		12		41
Lease obligations⁽¹⁾	52		9		56		10
Other	1		37		1		37
Total	$	94	$	3,875	$	99	$	3,716

(1) Lease obligations include finance leases and sale leaseback financing arrangements. Amounts reflected for December 31, 2018 represent capital lease obligations and sale leaseback financing arrangements as recorded under ASC 840.

As discussed in Note 1, the Company believes there is substantial doubt about its ability to continue as a going concern for the next twelve months, including its ability to fund its debt service obligations. The inability of the Company to fund such debt service obligations is an event of default under the ABL Facility (described below) and under the indentures that govern the Company’s notes. As such, all outstanding debt as of March 31, 2019 and December 31, 2018 related to the ABL Facility, the Senior Secured Notes and Debentures has been classified as “Debt payable within one year” in the Condensed Consolidated Balance Sheets and related footnote disclosures.

The Bankruptcy Petitions constitute an event of default that accelerated the Company’s obligations under its ABL Facility and 6.625% First-Priority Senior Secured Notes, 10.00% First-Priority Senior Secured Notes, 10.375% First-Priority Senior Secured Notes, 13.75% Senior Secured Notes, 9.00% Second-Priority Senior Secured Notes, 9.2% debentures and 7.875% debentures. These debt instruments provide that as a result of the Bankruptcy Petitions, the principal and interest due thereunder are immediately due and payable; however, any efforts to enforce such payment obligations under these instruments are automatically stayed as a result of the Bankruptcy Petitions and the creditors’ rights of enforcement in respect of these instruments are subject to the applicable provisions of the Bankruptcy Code.

Debtor-in-Possession Financing

In connection with the Bankruptcy Petitions, on April 3, 2019, the Company, Hexion LLC and certain of its subsidiaries entered into the DIP ABL Facility and the DIP Term Loan Facility, as further described in Note 2.