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Southcross Exits Bankruptcy, Gets New CEO; Will Focus Biz on Eagle Ford

Share Print Bookmark    |    Tuesday,February 04,2020

Southcross Energy Partners LLC has successfully completed its reorganization and emerged from Chapter 11. The company initially filed for bankruptcy in April 2019.

Going forward, Southcross will focus its business on gathering and processing facilities in the Eagle Ford Shale region.

Jay Swent will be stepping down as CEO and will serve an advisory role over the coming weeks. Pat Giroir, new board member will become the Interim CEO effective immediately.

Bill Waldheim, Chairman of Southcross, said: “Today is the beginning of an exciting new chapter for Southcross. We have a high-quality asset base and are moving forward with an aggressive plan to drive growth by investing in our operations and building out our commercial team and its capabilities. We have reduced our debt and our new equity owners have taken great care to create the necessary financial flexibility and a capital budget that will enable us to better serve our customers as we make the transition to the emerged Southcross. In addition, we have new financing as noted above in place so we can assure customers of our financial stability. We look forward to reliably providing our customers a full range of complementary gathering and processing services tailored to meet their specific needs.”

Southcross' Assets

Southcross’ gathering and processing assets include the Lone Star and Woodsboro gas processing plants, the Bonnie View fractionation facility and the Lancaster and Valley Wells gathering and treating system. With the completion of the court-supervised process, the Company is consolidating its headquarters in Houston to be completed on or before the end of the first quarter this year.  Southcross will offer customers a complementary suite of gas gathering, processing, treating, fractionation and marketing of residue gas and NGL products.  

Board Appointments

In connection with the completion of its reorganization, Southcross also today announced the composition of its Board of Directors. The Southcross Board comprises five directors, including Jacqueline (Jacqui) Dimpel, Robert N. Fitzgerald, Patrick Giroir, William (Bill) Waldheim and Matthew R. Bob.

This new Board brings a wealth of relevant industry experience and new perspectives that will help guide our next phase of growth and will take an active role in supporting the company’s immediate and strategic business objectives.