Southcross Energy Partners LP (fka SXEEQ)

[ShortSale4U]

what happen here . is it allllllll Gone?

[Renee]

SXEEQ: Bankruptcy PLAN effective. All shares cancelled at 9:13 A.M.


https://otce.finra.org/otce/dailyList?viewType=Deletions

[PennyStalker]

They are coming out of bankruptcy after restructuring and selling off assets. But they are taking the company private.

https://www.globenewswire.com/news-release/2020/01/27/1975637/0/en/Southcross-Energy-Partners-L-P-Restructuring-Plan-Confirmed-by-Court.html

[Bizman2]

That bad? Did they announce something unfavorable to shareholders?

[PennyStalker]

My advice: Don’t touch it...

[Bizman2]

What’s the deal here?

[PennyStalker]

The executives (or future private owners) would buyout the shares. But, at what price? That’s not specified yet. And the shareholders wouldn’t have much leverage to negotiate, IMHO...

[Quintessence]

I wonder what happens to shareholders in the process? Most likely the shares will be cancelled, and any proceeds from sale of asssets go to pay off existing debts.

[PennyStalker]

Upon emergence, Southcross will become a privately held company and its units will no longer be listed on any public market.

[yankees18]

Grabbed a few

[Golden Cross]

$SXEEQ Tier_Change: Pink Limited to Pink No Information

OTCM Link
https://www.otcmarkets.com/stock/SXEEQ/disclosure

[shurtha2000]

Texas assets has to be worth a few million after everything else is sold off

[shurtha2000]

Incredibly long Bear Market for Nat Gas

[ZIA SPIRIT]

?$SXEEQ There is no proof of the commons being cancelled. At this link, go to RESTRUCTURING FREQUENTLY ASKED QUESTIONS. ?


?http://www.kccllc.net/southcrossenergy?

?It appears they have not cancelled. Still also offering investors packets. ?

[Penny chatter]

Saw the filing yesterday

[Penny chatter]

Lol.

[shurtha2000]

I knew this crap would get pumped one of these days

[jchords]

What should this do for share price?

[makinezmoney]

$SXEEQ: Court approved asset sale.............


Running from $0.004 to $0.03





Southcross Energy Partners, L.P. Receives Court Approval for Asset Sales to Kinder Morgan Tejas Pipeline LLC and Magnolia Infrastructure Holdings LLC
8:30 AM ET 11/6/19 | GlobeNewswire
Related Quotes


10:30 AM ET 11/7/19
Symbol Last % Chg
SXEEQ
0.02 300.00%
Real time quote.



Southcross Energy Partners, L.P. Receives Court Approval for Asset Sales to Kinder Morgan Tejas Pipeline LLC and Magnolia Infrastructure Holdings LLC

Southcross to Reorganize its Gathering and Processing Operations

DALLAS, Texas, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Southcross Energy Partners, L.P. ("Southcross", "Southcross Energy", together with its subsidiaries, the "Company") (OTC: SXEEQ) today announced that:

-- The United States Bankruptcy Court for the District of Delaware (the

"Court") on October 22, 2019 approved the asset purchase agreements with

Kinder Morgan Tejas Pipeline LLC ("Kinder Morgan") for Southcross

Energy's natural gas pipeline network in Corpus Christi, Texas, for $76

million and Magnolia Infrastructure Holdings LLC ("Magnolia

Infrastructure") for pipelines and related assets that Southcross Energy

owns in Mississippi and Alabama for $31.5 million and are expected to

close in November and before year-end respectively; and

-- Following the completion of the asset sales, Southcross will reorganize

and focus growing its substantial Texas gathering and processing

operations. These operations include the Company's Lancaster and Valley

Wells facilities and the Lone Star, Woodsboro and Bonnie View plants.

Additionally, Southcross recently acquired from Southcross Holdings LP, the Lancaster Gathering and Treating System ("Lancaster") which included (a) a sour gas gathering and treating system serving producer customers in Frio, La Salle, Zavala, Dimmit, Atascosa, and McMullen counties in South Texas, (b) more than 650 miles of sweet and sour gas gathering pipeline with treating capacity of 90 MMcf/day, (c) an acid gas injection well with 200 MMcf/day of capacity and 800 HP of associated compression, and (d) three segments of 12" pipeline crossing Bee and Refugio counties in South Texas.

James W. Swent III, Chairman, President and Chief Executive Officer of Southcross, said "Following a comprehensive review of available alternatives and working closely with our lenders, we determined that the best path forward for our gathering and processing operations is to complete the reorganization process and emerge as a stronger, more profitable standalone business. Our facilities are well-positioned in the Eagle Ford Shale area, and we look forward to driving growth by safely providing customers with our complementary suite of gas gathering, processing, treating, fractionation and re-delivery of residue gas services. With the Court's approval of our asset sales, along with this go-forward focus on our gathering and processing operations, we have made significant progress in our court-supervised process toward maximizing the value of our assets and achieving the best outcome for our stakeholders."

Swent continued, "We appreciate the continued hard work and commitment of the Southcross team. We are confident that the employees of our pipeline assets that are part of the sale transactions will succeed with their new companies, and we wish them the best of luck moving forward. We expect our employees will continue to provide our customers the quality of service they expect from Southcross. We are also grateful for the continued support of our vendors, suppliers and other business partners."

Until the transactions close, Southcross will continue operating as it has throughout the court-supervised process. A Court hearing on the Company's Disclosure Statement is scheduled for November 6, 2019 and a confirmation hearing has been scheduled for December 9, 2019.

Additional Information

Additional information is available by calling [phone] (US/Canada) or [phone] (International). Court filings and other information related to the court-supervised proceedings are available at a website administered by the Company's claims agent, Kurtzman Carson Consultants, at www.kccllc.net/southcrossenergy.

Davis Polk & Wardwell LLP and Morris, Nichols, Arsht & Tunnell are serving as legal counsel to Southcross, Alvarez & Marsal is serving as restructuring advisor and Evercore ISI is serving as financial advisor.

About Southcross Energy Partners, L.P.

Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include two cryogenic gas processing plants, a fractionation facility and approximately 3,800 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas.

Contact:

Mallory Biegler

[e-mail]

[phone]

Forward-Looking Statements

This news release and accompanying statements may contain forward-looking statements. All statements that are not statements of historical facts, including statements regarding our restructuring process, our Chapter 11 proceedings, our operations, our evaluation of a range of options, including a possible sale of the business, the divestiture of certain assets or a standalone restructuring plan, our financial position, future growth, and the potential emergence by us as a viable, more profitable company, and our intent to make all vendor and supplier payments are forward-looking statements. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," "would", "potential," and similar terms and phrases to identify forward-looking statements in this news release. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included herein will prove to be accurate. These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors including: the Partnership's significant indebtedness, the restructuring process, and actions taken in our Chapter 11 proceedings. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this news release. The Partnership undertakes no obligation to update any information contained herein or to publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this news release.

> Dow Jones Newswires

November 06, 2019 08:30 ET (13:30 GMT)

[shurtha2000]

nice bounce

[Renee]

SXEE changed to SXEEQ, bankruptcy:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[Renee]

SXE changed to SXEE. Delisted from the NYSE to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

[ClayTrader]

* * $SXE Video Chart 08-20-18 * *

Link to Video - click here to watch the technical chart video

[Marknel83]

Money tree

[JerrW]

NEW YORK (S&P Global Ratings) Aug. 1, 2018, 13:23 ET, S&P Global today Ratings, The CreditWatch revision reflects AMID's inability to secure the necessary

financing to close its previously announced transaction with Southcross Energy

Partners L.P. (SXE) and Southcross Holdings Borrower L.P. (Holdings). Due to

the termination of the merger, Southcross Holdings should receive a $17 million

termination fee from AMID, which we expect will immediately improve its

liquidity. SXE's leverage covenants are currently suspended through March 2019

and its revolving credit facility matures in August 2019. Holdings' term loan

A also matures in August 2019. If SXE's banks agree to further extend the

covenant suspension and the maturity date of its revolver, this will also

support the company's credit profile. Holdings has a cross-default clause in

its credit agreement, which causes us to limit our issuer credit rating on the

company to the same level as our issuer credit rating on SXE. We expect

management to focus on improving the company's liquidity position by working

with the banks and pursuing asset sales or even an outright sale of the

company. We expect to resolve the CreditWatch listing over the next 90 days;

Just an observation, Southcross has started to see increased earnings outlook mixed with On-Schedule LNG Export Terminal completion of Train 1 & Train 2 closing in on completion.

Until Train 1 is complete, Ugly may rule the day, but it's possible for multiple parties to win: Creditors, Holdings & Investors.

[ErnieBilco]

Where's the news?

[JerrW]

Wall Street analyst have issued HOLD rating.

[JerrW]

Institutional investor: 36.6% of Southcross Energy Partners shares are held by institutional investors.

[Brittany1218]

SXE News out!!! It's going to run

[paideia]

You don't believe everything management tells you, do you? Noticeably absent from the list of people who will be unaffected are SXE's shareholders.

[JerrW]

Cancelling the deal is not expected to create "any adverse impacts to our customers, suppliers and employees," Southcross announced.

[willlbone]

Not at the bottom yet.

[stargazer123]

I've sold my SXE at a 50% loss. Once the AMID deal fell apart, the reason why I had bought was no longer valid. And considering SXE's debt problems, to me, there is too much risk that the stock will keep falling, and possibly taken over by the creditors.

[JerrW]

...its the time to BUY

[JerrW]

The NYSE's continued listing standard requiring the average closing price of the SXE Partnership's common units to be at least $1.00 per common unit over any period of 30 consecutive trading days.

>Starting date pps went below $1.00, Friday, July 27, 2018.

In accordance with NYSE rules, 26 Aug. 2018, NYSE letter will go out stating, Southcross Energy (SXE) will be required to notify the NYSE within 10 business days of receipt of the notification that the Partnership intends to cure the deficiency.


just a thought:

[shurtha2000]

Anyone grabbed the dip down to .61-.62

[shurtha2000]

Crazy trade after hours last night almost hit .90

[stargazer123]

SXE Close $0.6671

Pre-market $0.72 + $0.0498 (+7.43%)

[Brittany1218]

SXE BIG plays amongst us. This is going Epic

[stargazer123]

After hours trade: 0.6999 +0.03 (4.92%)

https://seekingalpha.com/article/4192201-american-midstream-southcross-energy-divorce-fallout

American Midstream And Southcross Energy Divorce: The Fallout
Jul. 30, 2018

Michael Boyd

Summary
Southcross Energy has terminated the merger agreement with American Midstream.
Constant delays and an apparent unwillingness to close despite management's view that alternate financing paths were available bogged down the deal.

Both companies are down materially on a percentage basis on July 30th, so overwhelming market consensus is that these two parties needed this deal. I know a lot of my Marketplace community members (Industrial Insights, as well as within Value Investor’s Edge where I share some of my ideas) have been curious on when and where I’d be interested in taking a position in either firm.

Starting with the latter, nothing good can come out of speculating in Southcross Energy at this time. Yes, Southcross is choosing to walk away due to American Midstream’s failure to achieve conditions required to close this sale – and rightfully so. The original consummation end date was June 1, 2018. While both have agreed to extend this deadline in the past, continued delays in closing the asset sales that American Midstream needed to fund this deal have dragged.

To me, it seems that many are not aware on how dire the straights were at this small master limited partnership.
The Q4 2016 waiver by Southcross Energy lenders only suspended the enforcement of the consolidated total leverage ratio until March of 2019. By then, the company will have to have found a buyer or the lenders are going to put the company’s assets on the auction block. There is basically no chance of a refinance and the general partners (“GP”) made it very clear that they were not willing to provide additional financial support to keep its daughter afloat. They needed a buyer, and early last year it was made clear that there was not a lot of interest:

If anything, it will be harder to find a new partner today.
There is no guarantee that those other two prior bidders have not invested capital elsewhere and potential terms they offered remain undisclosed. They might not even be interested any longer. Southcross Energy (and American Midstream) always pushed the narrative that the Southcross assets were set to see meaningful growth stemming from an Eagle Ford revitalization - something that just has not materialized. In Q1, Southcross Energy EBITDA fell to $15mm from $18mm in the prior year, with management noting “lower processed gas volumes due to lower volumes delivered by producers”. This is despite natural gas production being up in the region overall. Investors often forget that it isn’t just about what basin a company is exposed to: major growth in shale plays often comes out of just a few counties. If assets are not in the right place, then a midstream firm can be in a tough position.

Analyst expectations are for $73mm in EBITDA this year out of Southcross Energy; I think the number is more likely to be in the high $60s. The company had total outstanding debt of $530mm in Q1, so implied leverage is north of 7x. A sale in the 8x EV/EBITDA range –an unusual multiple for distressed assets in the midstream space – likely means the common equity gets nothing after selling expenses. It is a very material possibility for Southcross Energy shareholders that they get nothing if banks seize and liquidate.

So why did Southcross Energy walk away? In my opinion, the sponsors of Southcross Holdings could be a little bitter. After the cut, it became apparent very quickly that Southcross Holdings (which owns the GP interests) was set to get a pretty raw deal. In connection with the buyout of the GP, a large portion of the value (in my opinion) was through the 4.5mm of Series E Preferreds, the options to acquire AMID common units, and the transfer of ownership interest in American Midstream’s GP and incentive distribution rights (“IDRs”). From the Southcross Energy acquisition press release:

The preferreds payout rate were either in cash or PIK at the American Midstream common unit distribution rate. That got cut by 75%. The options were convertible at an $18.50/share strike – who reading this thinks American Midstream equity sees that share price ever again, much less by 2022? The 15% interest in American Midstream IDRs is also nearly worthless given the cut (no current or future payout likely given the set IDR splits). Basically, the GP of Holdings would have gotten next to nothing aside from a token amount of common units now worth half of what they were. I would be very cautious here that a forthcoming deal for Southcross Energy might turn out to be a weak deal for the LP units but could be a much better one for the GP.

In a nutshell, I viewed the initial positive move upwards after this hit the news wire as an illogical one. The market realized this, and the equity being down yesterday
is a reflection of a company with very limited options and a bitter GP with players who got played. With that said, I think this is probably better for American Midstream than many might give it credit for. The company has an awful track record on deal integration (see JP Energy), and despite prior management pontification on how great the combined entity would be, I think they are better off moving away from this deal and trying to fix the assets that they do have.

Today, American Midstream has one of the highest implied distributable cash flow (“DCF”) yields of any midstream firm that I follow. It deserves it. I’d challenge any investor to go back and look at nearly any other MLP that cut the distribution and went to a self-funding model. Substantially all of these presented the bad news to investors alongside a multi-year plan - NuStar Energy (NS) and Plains All American (PAA) did a great job of this. They held conference calls and communicated as best they could. While this type of news is never received well, setting a game plan helped minimize the fallout. Now come back to American Midstream. The silence out of management and the Investor Relations team is deafening. I’ve tried contacting them several times over the past few days with no response. I'm very reticent to buy any company that just will not take the time to address its investor base.

One of the many investing ideologies I subscribe to is that tops and bottoms are a process, not an event. I’d challenge any investor to count all the opportunities that they missed by being patient, and then count all the times that they bought too soon. I don’t know very many market participants that would say the first count outnumbered the second. A little patience is in order here to allow the market to digest all of this news and wait for a turn in sentiment. American Midstream is not rallying back 100% tomorrow, next month, next quarter, or next year. Management needs to prove they are competent operators that can nip and tuck their existing portfolio base (non-core asset sales, add-on project opportunities on existing infrastructure) before the market will begin to give them more credit. In my opinion, there will be an opportunity to buy American Midstream at a great price when future outlook looks much less cloudy.

[JerrW]

check my posts from last year, I was going to take a big loss if the merger went thru. im all for SXE doing this by themselves. Today, sxe rcvgs 17m termination fee. their debt repayment is still suspended. Bechtel is on track to complete the export plant, end of 2018. Contracts for export lng has been signed with Taiwan n China. Trade Tariffs wont affect LNG. This will work.

[PINKYXXX]

Not after the latest news Yikes!!!!

[JerrW]

LNG Exports begin 2018, end of year.

"...Speaking at an LNG industry conference, Cheniere Marketing’s director origination Douglas Wharton said the company is hopeful of starting LNG production by the end of the year…"

*he's referencing the Export Terminal @ Corpus Christi, this is the same terminal SouthCross Energy has a 48" pipeline to.


SXE has LNG Capacity access to LNG Exports...plant under construction

[JerrW]

I think your right: buy, buy, buy.

[JerrW]

BUZZ-Southcross Energy jumps

[stargazer123]

SXE closed at $0.77

After hours trades as high as $0.9425

1602 (4.02 PM Eastern Time) $0.6671
1620 $0.6972
1626 $0.85

1628 $0.9425

1642 $0.79
1648 $0.77

[paideia]

The AMID deal was valued at $815MM? Really?
https://www.bizjournals.com/houston/news/2018/07/30/houston-midstream-company-s-815m-acquisition-of.html
And overnight SXE is now only worth $115MM? Really?

[JerrW]

$17 Million, Southcross Holdings LP, is entitled to receive a $17 million termination fee.


Debt Repayment is Suspended until Jan.2019.

Liquid Natural Gas exports, (lng) thru Corpus Christi Terminal, Bechtel the Contractor states construction is on schedule.

Bechtel is using a cookie cutter approach with construction:
Bechtel completed twelve liquefied natural gas (LNG) production trains for five customers, in fewer than four years

[JerrW]

Where did you read that, attach web link...please.

[Brittany1218]

SXE News release of New partnership!!! Big things coming