Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit

CARBO Ceramics Emerges from Bankruptcy

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   |    Monday,July 20,2020

CARBO Ceramics Inc. has emerged from Chapter 11 bankruptcy protection.

The company moves forward under the ownership of Wilks Brothers LLC.

Justin Wilks, Senior Vice President of the Wilks Brothers, said: "This successful financial restructuring positions the Company to navigate the ever-changing business environment from a place of strength while continuing to deliver value for our clients and partners. We look forward to maximizing CARBO's potential and unlocking opportunities for strategic growth."

Pursuant to the Plan, CARBO has completed a debt-for-equity exchange with the Wilks Brothers. In connection with this transaction, the Company has converted the existing $15 million DIP facility into a $15 million exit facility.

New CEO Tapped

In connection with the emergence, Don Conkle has been promoted to Chief Executive Officer of CARBO.  Mr. Conkle joined the Company in 2012 as the Vice President of Sales and Marketing and has 34 years of leadership and industry experience.

CEO Conkle said: "This is a pivotal milestone and the start of a promising new chapter for CARBO. We began our restructuring process with the clear goal of strengthening our capital structure to best position CARBO to succeed in the future – which we have accomplished.  We are grateful to our employees, clients and vendors who supported us through this process and now set our eyes on future growth with a common goal across the organization to deliver uncompromising quality products and services for our clients."

CARBO was advised in this matter by Vinson & Elkins L.L.P., Perella Weinberg Partners L.P. (together with its corporate advisory affiliates including Tudor Pickering Holt & Co.) and FTI Consulting, Inc.