Expro Holdings pre-packaged plan of reorganization confirmed by court

By Caroline Salls

Pittsburgh, Jan. 25 – Expro Holdings US Inc., which does business as Umbrellastream US Inc., obtained confirmation of its pre-packaged Chapter 11 plan of reorganization, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company reached an agreement with its key lenders and shareholders to eliminate its entire $1.4 billion of funded debt and $80 million in annual interest payments through an equity conversion, which will fully deleverage its balance sheet.

Expro said this will provide a stronger and more sustainable capital structure to grow the business and will be supported by an additional $200 million equity commitment from its new shareholders, which will be completed via a rights offering.

Pre-bankruptcy mezzanine lenders and existing holders of preference shares will be eligible to participate in the company’s long-term recovery through the issuance of warrants if their classes vote in favor of the plan.

General unsecured creditors and all other creditors who are unimpaired will recover 100% under the plan.

Holders of Expro ordinary interests will receive no distribution.

Expro provides specialized well flow management products and services to the oil and gas industry. The company filed bankruptcy on Dec. 18 under Chapter 11 case number 17-60179.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.