Service & Supply | Oilfield Services | Proppant | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Proppant Supplier Files for Bankruptcy
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Vista Proppants and Logistics, LLC and its subsidiaries have filed for bankruptcy.
The company's operations are focused on the Permian, Eagle Ford and Anadarko Basin.
The Company currently estimates that it will emerge from the Chapter 11 reorganization within approximately 120 days. Vista has secured an $11 million debtor-in-possession credit facility from the Company's senior lenders to finance the costs and limited business operations during the restructuring process.
Chief Financial Officer Kristin Whitley Smith commented: "Today's Chapter 11 filings represent a significant milestone in our financial restructuring process to significantly strengthen our financial condition by reducing debt, enhancing liquidity and best positioning our Company to weather the storm and proactively respond when the market begins to recover. After thoroughly evaluating our options and strategic alternatives with our advisors and Board of Directors, we are confident that this is the best path forward for Vista and our stakeholders. During the reorganization proceeding, we will continue with limited day-to-day operations until an industry rebound, and we will maintain ample liquidity and resources to support our business. We appreciate the continued, strong support demonstrated by our lenders, which should enable us to move quickly and smoothly through the restructuring process and emerge as a stronger long-term competitor."
The Company has retained Alvarez & Marsal North America, LLC as its Chief Restructuring Officer and Haynes and Boone, LLP as its bankruptcy counsel.
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