Covia expects to exit bankruptcy protection by the end of the year – Crain’s Cleveland Business

Independence-based Covia Holdings Corp. (OTC PINK:CVIAQ), a minerals and materials supplier for industrial and energy markets that filed for Chapter 11 bankruptcy protection, expects to emerge from bankruptcy at the end of the year.

Covia said in a news release issued Monday afternoon, Dec. 14, that the U.S. Bankruptcy Court for the Southern District of Texas, in Houston, has confirmed the company's reorganization plan. The confirmation order "marks a key milestone in the company's reorganization process," Covia said in the release. The company said it anticipates completing the process "at the end of 2020."

In a statement, Richard Navarre, Covia's chairman, president and CEO, said, "We are pleased with the results of this hearing, and thank our employees, customers, vendors, lenders and creditors for helping us achieve this positive outcome. Upon emergence, we will reduce our long-term obligations by over $1 billion, which will significantly improve our capital structure and cash flow profile and allow us to be an even stronger partner to our stakeholders."

Covia's bankruptcy petition, filed at the end of June, showed it had assets and liabilities each in the range of $1 billion to $10 billion. At the time, Bloomberg reported that holders of the term-loan claims and swap agreement claims "will receive $825 million in take-back debt and 100% of the equity in a reorganized company."

Court documents related to the bankruptcy can be found here, at a website hosted by the company's claims agent, Prime Clerk.

The company's shares at present are virtually worthless, trading at less than a penny per share.

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Covia expects to exit bankruptcy protection by the end of the year - Crain's Cleveland Business

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