Case filing & court posture: Jervois Texas, LLC and its affiliates filed a prepackaged chapter 11 petition on January 28, 2025 in the Southern District of Texas (Case No. 25-90002). Dkt. 1 Judge Christopher M. Lopez presides.
Liquidity & financing path: The debtors obtained a $49 million DIP facility from Millstreet Capital Management. Dkt. 63 Interim DIP order approved January 29, 2025; final DIP order entered March 3, 2025. Dkt. 139
Restructuring outcome: The debtors pursued a plan-based reorganization sponsored by Millstreet Capital. Dkt. 15 Plan confirmed on March 6, 2025, eliminating approximately $164 million in debt. Dkt. 169
Plan effective date & post-confirmation: The plan became effective on May 9, 2025. Dkt. 254 The reorganized company emerged as a private entity owned by Millstreet (51.1%), former ICO Bondholders (39.7%), and Convertible Noteholders (2.4%), with $145 million in new capital commitments.
Current status: Final decree closing certain chapter 11 cases entered July 1, 2025. Dkt. 5
