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Expro Bankruptcy Petition, Prepackaged Plan Filed

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Privately-held Expro Holdings US (d/b/a Umbrellastream US) and more than 30 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-60179.

The Company, which provides specialized well flow management products and services to the oil and gas industry, is represented by Patricia B. Tomasco of Jackson Walker.

Concurrent with the Chapter 11 petition, the Company also filed a Joint Prepackaged Chapter 11 Plan of Reorganization and related Disclosure Statement. The Disclosure Statement explains, “The Debtors believe that the Prepackaged Plan provides the best available path forward for the Company, one that eliminates significant financial burdens, provides the Debtors with an expeditious and cost-effective road to emergence, positions the Company for success in the years to come, and is in the best interests of all of the Company’s stakeholders.”

Among other things, the Plan provides for the following: a 100% recovery to allowed general unsecured claims and all other creditors who are unimpaired under Plan and deleveraging the Company’s balance sheet by (i) equitizing approximately $1,410 million of prepetition first lien claims and (ii) cancelling approximately $18 million of prepetition mezzanine facility claims, in exchange for either tranche A warrants or payment in full in cash. The Chapter 11 petition indicates total assets greater than $500 million.

Read more Expro bankruptcy news.

The post Expro Bankruptcy Petition, Prepackaged Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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