Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Frac Sand Company to Restructure
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Emerge Energy Services and its subsidiary, Superior Silica Sands, have announced plans to restructure (Restructure Agreement) or file chapter 11 bankruptcy if an out-of-court restructuring is no longer reasonably possible or in the best interests of its stakeholders.
Under the out-of-court restructuring, Emerge Energy's obligations under the revolving credit agreement will be paid in full. Noteholders under the note purchase agreement will receive new second lien secured notes and pro rata ownership interests in new common units representing a 95% limited partner interest in the Partnership. Existing common unitholders of the Partnership will receive new common units.
The RSA will terminate if the Transaction is not consummated in accordance with the RSA by December 31, 2019 (unless…
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