Cypress Environmental Partners, L.P. Bankruptcy Case
Cypress Environmental Partners, L.P.
Stage
✓Completed stage: Filed
→✓Completed stage: DIP financing
→✓Completed stage: Plan filed
→✓Completed stage: Plan confirmed
→✓Completed stage: Plan effective
→●Current stage: Closed
Case No.
22-90039
Court
Texas Southern
Judge
Marvin Isgur
Timeline
Current updates are not available. Earlier updates remain below for historical context and may no longer reflect the case’s current position.
Earlier updates
These updates were replaced by later case developments and may no longer reflect the current case.
Petition·
Cypress Environmental Partners, L.P. and affiliates filed a prepackaged chapter 11 in Houston on May 8 after concluding they could not refinance a $58,853,976 credit facility due May 31, 2022. The petition estimated 100-199 creditors, $10 million-$50 million of assets, and $50 million-$100 million of liabilities, while also disclosing year-end 2021 book assets of $96.978 million against $62.418 million of debt. The debtors filed a plan with the petition and sought a combined disclosure statement and confirmation process from day one, signaling an expedited balance-sheet fix rather than an in-court marketing process Dkt. 1Dkt. 15Dkt. 17.
Boylan's first-day declaration says the case was built around an RSA with Argonaut Private Equity, which had acquired the lender position and committed $5 million of DIP financing in exchange for a debt-for-equity recapitalization. Management tied the filing to a collapse in operating performance: inspection-services revenue fell from $372.0 million in 2019 to $113.0 million in 2021, environmental-services revenue fell from $10.3 million to $4.3 million, and the company entered chapter 11 with 333 inspectors plus nine Bakken water-treatment facilities tied to ten Class II injection wells Dkt. 12.
