Southcross Holdings’ Joint Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the privately-held Company’s Plan on April 11, 2016.
“The speed of our successful financial restructuring is a true credit to our entire team and reflects the continued support of our owners and lenders,” comments John Bonn, president and chief executive officer. “This allows us to move forward with a much stronger financial foundation and an enhanced ability to grow and expand our business in the current market environment.” As previously reported, the Plan eliminated nearly $700 million of Southcross Holdings’ funded debt and preferred equity obligations and provided for a new equity investment from certain of its existing equity holders.
This gas processing plant operator filed for Chapter 11 protection on March 27, 2016, listing more than $1 billion in pre-petition assets. Read more bankruptcy news.
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