Emerge Energy Services LP Files for Chapter 11
July 18 2019 - 10:28PM
Fort Worth, Texas
- July 18, 2019 Emerge Energy Services LP (OTC:
EMESZ) together with its subsidiaries and certain affiliates (the
"Company") today announced that the Company has voluntarily filed
for relief under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the District
of Delaware on July 15, 2019. The case is
being jointly administered under Emerge Energy Services LP et
al Case Number: 19-11563.
The Company has received a
commitment for debtor in possession ("DIP") financing from its
secured lenders in the amount of $35 million and received
interim authorization from the Bankruptcy Court for use of its cash
on hand as well as the initial funding of $7.5 million of the DIP
commitment. Final authorization for the full commitment is
being sought in August 2019. The Company is operating and
will continue to operate in the normal course of business without
interruption through the course of the chapter 11
proceedings.
Additional information
regarding Emerge Energy Services LP's Chapter 11 filing and
information about the claims process is available
at http://www.kccllc.net/emergeenergy.
Advisors
Latham & Watkins LLP is acting
as legal counsel, Houlihan Lokey is acting as investment banking
debt restructuring advisor. Roy Messing of Ankura Consulting
Group, LLC is the Company's Chief Restructuring Officer and Bryan
Gaston of Ankura Consulting Group, LLC is the Company's
Restructuring Officer.
About Emerge Energy Services LP
Emerge Energy Services LP is a
limited partnership engaged in the business of mining, producing,
and distributing silica sand, a key input for the hydraulic
fracturing of oil and natural gas wells, through its subsidiary
Superior Silica Sands LLC.
Forward-Looking Statements
This release contains certain
statements that are "forward-looking statements." These statements
can be identified by the use of forward-looking terminology
including "may," "believe," "will," "expect," "anticipate," or
"estimate." These forward-looking statements involve risks and
uncertainties, and there can be no assurance that actual results
will not differ materially from those expected by management of
Emerge Energy. When considering these forward-looking statements,
you should keep in mind the risk factors and other cautionary
statements in Emerge Energy's periodic reports filed with the SEC.
The risk factors and other factors noted in such periodic reports
could cause actual results to differ materially from those
contained in any forward-looking statement. Except as required by
law, Emerge Energy does not undertake any obligation to update or
revise such forward-looking statements to reflect events or
circumstances that occur after the date hereof.
PRESS CONTACT
Investor Relations
(817) 618-4020
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Emerge Energy Services LP via Globenewswire
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