https://www.hicrushinc.com/ https://www.hicrushinc.com/pronghorn https://www.hicrushinc.com/nexstage https://www.hicrushinc.com/propdispatch https://www.hicrushinc.com/resources https://www.hicrushinc.com/about/operations/ http://ir.hicrush.com/news-releases/news-release-details/hi-crush-inc-enters-restructuring-support-agreement-unsecured?field_nir_news_date_value[min]=2020&__hstc=241608605.da7931f1f064829caf68cbeba4998ac8.1601246312820.1601246312820.1601246312820.1&__hssc=241608605.6.1601246312821&__hsfp=3298817126 http://ir.hicrush.com/news-releases?field_nir_news_date_value[min]=2020
*Senior Secured Debtor-In-Possession Credit Agreement, dated as of July 14, 2020, by and among Hi-Crush Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, Zions Bancorporation, N.A. DBA Amegy Bank, as an issuing lender, and the lenders party thereto.
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*Senior Secured Debtor-In-Possession Term Loan Credit Agreement, dated as of July 14, 2020, by and among Hi-Crush Inc., as borrower, Cantor Fitzgerald Securities, as administrative agent, and the lenders party thereto.
Hi-Crush Partners LP operates as a producer of monocrystalline sand. Monocrystalline sand is a mineral that is used as a proppant
to enhance the recovery rates of hydrocarbons from oil and natural gas wells.
It owns interests in sand reserves and related processing and transportation facilities in Wyeville, Wisconsin, including a 561-acre facility with integrated rail infrastructure.
The company offers raw frac sand used in hydraulic fracturing operations in oil and natural gas wells.
It serves pressure pumping service providers. The company was founded in 2010 and is based in Houston, Texas.
MANAGEMENT SAID SHOULD BE DONE BY MID OCTOBER 2020
HOUSTON, July 13, 2020 - Hi-Crush Inc. (NYSE: HCR), ("Hi-Crush" or the "Company"),
a fully-integrated provider of proppant logistics solutions,
today announced it has entered into a Restructuring Support Agreement (the “Agreement”) with certain noteholders (the “Noteholders”),
collectively owning or controlling approximately 94% of the
aggregate outstanding amount of the Company’s 9.5% Senior Unsecured Notes due 2026.
To implement the terms of the Agreement, the Company also announced
that it has voluntarily filed petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the Southern District of Texas.
The terms of the Agreement provide for a comprehensive restructuring
of the Company’s balance sheet (the “Prearranged Plan”) to be implemented through the commencement of Chapter 11 cases.
The Prearranged Plan, if implemented, will result in the elimination
of approximately $450 million of unsecured note debt and an ongoing reduction in annual interest expense of greater than $43 million.
The Prearranged Plan also contemplates the equitization of certain material general unsecured claims against the Company.
The Prearranged Plan provides the Company significant additional liquidity and minimizes operational disruptions.
During the Chapter 11 proceedings,
the Company will continue to operate its business in the normal course without disruption to its vendors,
and will have sufficient liquidity to meet its financial obligations during the restructuring process.
Through certain motions filed concurrent with the Chapter 11 cases,
Hi-Crush estimates that substantially all trade vendors who will
have an ongoing business relationship with the Company will be
paid for goods and services in the normal course of business without interruption.
Working with the Noteholders, the Company expects to complete the Chapter 11 process within 60 to 90 days.
Court filings and other information related to the court-supervised proceedings are available on a separate website administered by the Company’s claims agent, KCC, at
Additionally, the Company has set up a toll-free hotline to answer questions regarding this transaction. The hotline can be accessed by calling (866) 554-5810. https://www.hicrushinc.com/pronghorn https://www.hicrushinc.com/propdispatch
Proppant management, logistics dispatch and inventory monitoring software.
The PropDispatch proppant management and logistics platform provides real-time visibility, automation and data acquisition. The web-based and mobile-app software increases operational efficiencies in many ways:
Last mile simplified – PropDispatch simplifies last mile ordering, dispatching, hauling, tracking, reconciling and invoicing of trucks and sand.
Real-time visibility – PropDispatch enables real-time decision making by providing a constant data flow of truckloads vs. inventory.
Central dispatch – PropDispatch enables efficient driver dispatch based on location and proximity to supply points.
The advanced PropDispatch last mile platform features best in class technology that: https://www.hicrushinc.com/resources
Our goal at HCR is to help simplify your sand supply.
The information below provides details on how we responsibly
and efficiently mine, move and manage our proppant to meet your dynamic well completion needs.
$HCRSQ https://www.otcmarkets.com/stock/HCRSQ/disclosure https://www.otcmarkets.com/stock/HCRSQ/news https://www.otcmarkets.com/stock/HCRSQ/security
HCRSQ SECURITY DETAILS
Authorized Shares 500,000,000
Outstanding Shares 99,889,960
Held at DTC
Hi-Crush Inc. is a fully integrated provider of proppant and logistics services for hydraulic fracturing operations,
offering frac sand production, advanced wellsite storage systems, flexible last mile services and innovative software for real-time
visibility and management across the entire supply chain.
Our strategic suite of solutions provides operators and service companies in all major U.S. oil and gas basins with the ability to build safety,
reliability and efficiency into every completion.
Held at DTC
https://www.otcmarkets.com/stock/HCRSQ/overview *DISCLAIMER *The Board Monitor and The Board Assistants herewith, are not licensed brokers and assume NO responsibility for the actions, investment decisions, and or messages posted on this forum.
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