Hi-Crush Prepares to Emerge from Chapter 11

Hi-Crush Inc of Houston, TX has announced that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed its Prearranged Plan of Reorganization. The company voluntarily filed petitions for reorganization under Chapter 11 protection earlier this year. Under the terms of the Prearranged Plan, the company eliminates approximately US$450 million of unsecured debt, reduces annual interest expense by more than US$43 million, and equitizes certain material general unsecured claims against the company.

Robert E Rasmus, Hi-Crush’s CEO, said, “We are very pleased to have achieved this successful outcome with our noteholders and creditors. The confirmation by the court of the Prearranged Plan will allow for the recapitalization of Hi-Crush, and enable our company to continue delivering high quality services to our customers with the added benefit of a significantly improved balance sheet, thereby enhancing Hi-Crush’s financial flexibility over the near and long-term. We look forward to continuing to serve our partners across the oil and gas industry as the sector’s premier frac sand and frac sand logistics provider.”

Hi-Crush anticipates full emergence from Chapter 11 proceedings by mid-October.

Volume 34, Issue 19

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