Covia’s June 29, 2020 Chapter 11 proceeding culminated in an effective reorganization plan, as reported in the December 31, 2020 effectiveness notice Dkt. 1069. The court confirmed the plan on December 14, 2020; no further dated implementation milestone is identified.

Covia Holdings Corporation emerged through a Chapter 11 reorganization following the court’s December 14, 2020 confirmation order Dkt. 1029. The notice of effectiveness Dkt. 1069, filed December 31, 2020, reported that the modified first amended joint plan had become effective. No further dated implementation milestone is identified.

Covia filed its Chapter 11 petition Dkt. 1 on June 29, 2020. Formed by the 2018 merger of Unimin and Fairmount Santrol, the mineral-products business served both oil-and-gas customers and industrial markets. CFO Andrew Eich’s first-day declaration Dkt. 15 attributed the filing to an unsustainable capital structure and excess fixed costs amid proppant oversupply, reduced spending by exploration-and-production companies, and further disruption from COVID-19. Before filing, Covia had idled capacity, sold non-core assets, reduced its workforce, and cut railcar obligations, but those measures had not resolved its financial pressures.

The initial restructuring support agreement with an ad hoc group of term-loan lenders contemplated $825 million in take-back debt and substantial equity interests for term-loan holders. That was the proposal described at filing in Eich’s declaration Dkt. 15, which also reported approximately $250 million in cash and anticipated operating without debtor-in-possession financing.

During Chapter 11, the court’s August 13, 2020 final cash-collateral order Dkt. 404 authorized use of cash collateral subject to its terms and granted adequate protection. A separate final securitization order Dkt. 405 authorized termination of the securitization facility and cash collateralization of letters of credit. These orders provided the liquidity framework for the case before confirmation and emergence.

Covia’s June 29, 2020 Chapter 11 proceeding culminated in an effective reorganization plan, as reported in the December 31, 2020 effectiveness notice Dkt. 1069. The court confirmed the plan on December 14, 2020; no further dated implementation milestone is identified.

Covia Holdings Corporation emerged through a Chapter 11 reorganization following the court’s December 14, 2020 confirmation order Dkt. 1029. The notice of effectiveness Dkt. 1069, filed December 31, 2020, reported that the modified first amended joint plan had become effective. No further dated implementation milestone is identified.

Covia filed its Chapter 11 petition Dkt. 1 on June 29, 2020. Formed by the 2018 merger of Unimin and Fairmount Santrol, the mineral-products business served both oil-and-gas customers and industrial markets. CFO Andrew Eich’s first-day declaration Dkt. 15 attributed the filing to an unsustainable capital structure and excess fixed costs amid proppant oversupply, reduced spending by exploration-and-production companies, and further disruption from COVID-19. Before filing, Covia had idled capacity, sold non-core assets, reduced its workforce, and cut railcar obligations, but those measures had not resolved its financial pressures.

The initial restructuring support agreement with an ad hoc group of term-loan lenders contemplated $825 million in take-back debt and substantial equity interests for term-loan holders. That was the proposal described at filing in Eich’s declaration Dkt. 15, which also reported approximately $250 million in cash and anticipated operating without debtor-in-possession financing.

During Chapter 11, the court’s August 13, 2020 final cash-collateral order Dkt. 404 authorized use of cash collateral subject to its terms and granted adequate protection. A separate final securitization order Dkt. 405 authorized termination of the securitization facility and cash collateralization of letters of credit. These orders provided the liquidity framework for the case before confirmation and emergence.