Fracking Supply Co. Proposes $80M Ch. 11 Debt-Equity Swap

Law360 (August 20, 2019, 8:49 PM EDT) -- Fracking industry supplier Shale Support Global Holdings has filed a Chapter 11 plan with a Texas bankruptcy court that swaps out $80 million of its $128 million debt for equity.

Under the terms of the plan the Louisiana-based company submitted to the court Monday, its term loan lenders will swap $80 million in claims for control of the company and extend $80 million in post-Chapter 11 financing.

“Based upon the financial projections, the debtors believe that they will be a viable operation following the Chapter 11 cases and that the plan will meet the feasibility requirements of the Bankruptcy Code,” it...

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