Emerge Energy Creditors Say Ch. 11 Plan Undervalues Co.

Law360 (December 10, 2019, 6:46 PM EST) -- Emerge Energy Services LP's unsecured creditors told a Delaware bankruptcy court that the fracking sand miner's proposed Chapter 11 plan undervalues the company by $190 million and will leave them with almost no recoveries.

In a motion filed Monday, the committee claimed the plan lowballs the value of Emerge's unencumbered assets to the benefit of second-lien lender HPS Investment Partners LLC and the detriment of unsecured creditors.

"The plan is a blatant attempt by a lender-in-possession, through its hand-picked 'Special Restructuring Committee' of the debtors' board, to effect an inequitable transfer to itself of all of the value of the debtors'...

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