Vista Proppants and Logistics files plan of reorganization, disclosure

By Caroline Salls

Pittsburgh, July 6 – Vista Proppants and Logistics, LLC filed a plan of reorganization and related disclosure statement Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

According to the disclosure statement, plan distributions will be funded with cash on hand, the issuance and distribution of new equity interests and an exit facility.

Holders of term loan secured claims will receive a share of 100% of new parent units, a share of $50 million in tranche C exit facility notes and a right to participate in tranche A of the exit facility in exchange for tranche A exit facility notes.

Holders of PlainsCapital ABL secured claims will receive the priority collateral securing the claims.

MAALT secured claims will be reinstated, or holders will receive the collateral securing the claims.

Other secured claims will be paid in full in cash or reinstated, or holders will receive the collateral securing the claims.

To the extent any general unsecured claim has not already been paid in full during the Chapter 11 cases, holders will receive no distribution on the balance of the claims.

Holders of Vista holding company interests will receive no distribution.

Interests in non-holding company debtors will be reinstated or cancelled without distribution.

Vista Proppants and Logistics is a Fort Worth-based pure-play, in-basin provider of frac sand solutions in prolific producing regions in Texas and Oklahoma. The company filed bankruptcy on June 9 under Chapter 11 case number 20-42002.

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