Emerge Energy Hits Ch. 11 In Del. With $339M In Debt
Law360 (July 16, 2019, 2:28 PM EDT) -- Emerge Energy Services LP, which mines and distributes silica sand proppant for the oil and gas fracturing industry, filed late Monday for Chapter 11 protection in Delaware with roughly $339 million in debt and plans for a debt-for-equity swap.
Emerge Energy, its general partner Emerge Energy Services GP LLC and three affiliates hit Chapter 11 citing a decreased demand for frac sand in recent years after a period of rapid growth from 2011 to 2014, according to a first-day declaration from restructuring officer Bryan M. Gaston. Also, an "industry downturn" caused by "low commodity prices" helped cause the company's trip into...
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