Covia Announces Court Confirmation of its Plan of Reorganization
2:25 PM ET 12/14/20 | GlobeNewswire
Covia Announces Court Confirmation of its Plan of Reorganization
Positions Covia to Emerge from Chapter 11 Process
INDEPENDENCE, Ohio, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Covia today announced the United States Bankruptcy Court for the Southern District of Texas, Houston Division, confirmed its Plan of Reorganization. The confirmation order marks a key milestone in the Company's reorganization process, and the Company anticipates emerging from bankruptcy at the end of 2020.
"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," said Richard Navarre, Chairman, President and Chief Executive Officer. "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."
Kirkland & Ellis LLP, PJT Partners, LP and AlixPartners, LLP advised the Company throughout this reorganization.
