Emerge Energy Services voting creditors split on reorganization plan

By Caroline Salls

Pittsburgh, Oct. 24 – Voting on Emerge Energy Services LP’s plan of reorganization was mixed, as voting holders of pre-bankruptcy notes claims voted unanimously to accept the plan, but holders of general unsecured claims rejected it, according to a ballot report filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all 18 holders of $208.51 million in pre-bankruptcy notes claims voted to accept the plan.

Combined, 37 holders, or 45.68% in number, of $16.22 million, or 3.86% in amount, of general unsecured claims against all Emerge Energy debtors voted to accept the plan, while 44 holders, or 54.32% in number, of $403.51 million, or 96.14% in amount, voted to reject it.

The report said holders of 99.9% in amount of general unsecured claims against the Emerge Energy Services LP debtor, 64.53% of general unsecured claims against the Emerge Energy Services Operating LLC debtor and 86.86% on general unsecured claims against the Superior Silica Sands LLC debtor rejected the plan.

The plan confirmation hearing is scheduled for Oct. 30.

Southlake, Tex.-based Emerge Energy Services is a limited partnership formed in 2012 by management and affiliates of Insight Equity Management Co. LLC to own, operate, acquire and develop a portfolio of energy service assets. The company filed for bankruptcy on July 15 under Chapter 11 case number 19-11563.

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