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.
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.
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.
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