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Hi-Crush Exits Bankruptcy; Eliminates $450 Million in Debt
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Hi-Crush Inc. has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy.
Through its financial restructuring, Hi-Crush has eliminated approximately $450 million of debt from its balance sheet, as well as more than $76 million of annual interest expense and lease payment obligations.
Additionally, Hi-Crush has entered into a new $25 million Senior Secured Asset Based Loan, and paid off outstanding amounts under its debtor-in-possession term loan with proceeds from a $43 million equity rights offering. The Company's post-emergence cash balance is approximately $35 million
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