EMERGE ENERGY SERVICES LP (NYSE:EMES) Files An 8-K Bankruptcy or Receivership
Item 1.03 Bankruptcy or Receivership.
As previously disclosed on July 15, 2019, Emerge Energy Services LP (the “Partnership”), along with its general partner Emerge Energy Services GP, LLC (the “Old General Partner”) and certain of the Partnership’s subsidiaries (collectively, the “Debtors”), filed voluntary petitions for relief (the cases commenced thereby and jointly administered under case number 19-11563, the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On December 10, 2019, the Partnership filed with the Bankruptcy Court the proposed Second Amended Joint Plan of Reorganization for Emerge Energy Services LP and Its Affiliate Debtors under Chapter 11 of the Bankruptcy Code, dated December 10, 2019, as described below (as amended, modified or supplemented from time to time, the “Plan”). On December 18, 2019, the Bankruptcy Court entered an order, Docket No. 682 (the “Confirmation Order”), confirming and approving the Plan.
Plan of Reorganization
The following is a summary of the material terms of the Plan. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan. This summary is qualified in its entirety by reference to the full text of the Plan, which is attached hereto as Exhibit 2.1 and incorporated herein by reference.
The Plan provides for the following treatment of claims against and interests in the Partnership:
Unless otherwise specified, the treatment set forth in the Plan and Confirmation Order will be in full satisfaction of all claims against and interests in the Partnership, which were discharged on the Effective Date.
