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The court confirmed Jervois’s joint prepackaged Chapter 11 plan and finally approved its disclosure statement through the confirmation order. The plan targets a reduction in funded debt from approximately $195.5 million to $31.6 million and $145 million of new capital. Millstreet Capital Management, which holds approximately 98% of funded debt, will invest $90 million on the effective date for 51.1% of the new equity and committed another $55 million after emergence to restart the SMP refinery in Brazil.
Under the disclosure statement, the JFO revolver receives a $12.5 million cash paydown and the remaining balance rolls into an exit revolver of up to $150 million. ICO bondholders receive 39.7% of new equity, convertible-note holders receive 2.4%, general unsecured claims remain unimpaired and are paid in the ordinary course, and existing equity is canceled. Confirmation clears the principal U.S. restructuring milestone, but emergence still depends on implementing a deed of company arrangement through Australian voluntary-administration proceedings; the disclosed target effective date is April 30, 2025.
Jervois Texas filed a first-day financing motion seeking authority to access up to $49 million of senior secured priming DIP financing, including $25 million of new money and a $24 million roll-up of prepetition debt, while also using cash collateral. The proposed DIP lenders are Millstreet Credit Fund LP and Mercer QIF Fund PLC - Mercer Investment Fund 1, with Acquiom Agency Services Ltd as DIP agent, according to the DIP and cash-collateral motion.
The financing is the case’s early control point: Jervois tied the liquidity request to maintaining customer, vendor, and supplier relationships, funding payroll and administrative expenses, and carrying the debtors through a prepackaged plan process. The motion says the debtors are targeting plan confirmation within 40 days of the January 28, 2025 petition date and emergence by April 30, 2025, which is also the DIP maturity date. That makes the DIP both the operating runway and the pacing mechanism for the restructuring.
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