News out today, Parent company Emerged from Chapter 11
DJ Southcross Energy Parent Exits Bankruptcy -- Market Talk
Apr 14, 2016 13:15:00 (ET)
13:15 ET - The parent of pipeline operator Southcross Energy (SXE) completes its prepackaged debt restructuring and exits bankruptcy less than a month after filing for Chapter 11 protection. That came after Southcross Holdings reached a deal to cut about $700M in debt. It calls for private-equity backers EIG Global Energy and Tailwater Capital pumping $170M into the pipeline operator in return for a 2/3 equity stake in the reorganized company. SXE wasn't part of the Chapter 11 case. It's up 7.1% today at $2.10, putting the week's bounce at 67%. (patrick.fitzgerald@wsj.com; @patfitzgerald23)
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