EMERGE ENERGY SERVICES LP (NYSE:EMES) Files An 8-K Bankruptcy or Receivership
ME Staff 8-k
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 Partnerships 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.
Management Incentive Plan
As soon as reasonably practicable after the Effective Date, the reorganized Partnership will adopt and implement a management incentive plan (the New Management Incentive Plan), which will dilute all of the New Limited Partner Interests equally, and which will be on the terms and conditions (including recipients, individual awards and vesting periods) will be determined by the Partnerships new board of directors.
Settlement of Claims and Releases
The Plan incorporates an integrated compromise and settlement of claims to achieve a beneficial and efficient resolution of the Chapter 11 Cases. Unless otherwise specified, the settlements, distributions, and other benefits provided under the Plan, including the release and exculpation provisions included therein, are in full satisfaction of all claims and causes of action that could be asserted.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Emerge Energy Services LP Exhibit EX-2.1 2 a19-27343_1ex2d1.htm EX-2.1 Exhibit 2.1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: EMERGE ENERGY SERVICES LP,… To view the full exhibit click here
About EMERGE ENERGY SERVICES LP (NYSE:EMES)
Emerge Energy Services LP owns, operates, acquires and develops a portfolio of energy service assets. The Company’s segments include Sand segment, Fuel segment and Corporate. The Company’s Sand segment consists of the production and sale of various grades of industrial sand primarily used in the extraction of oil and natural gas, as well as the production of building products and foundry materials. Its Fuel segment operates approximately two terminals and over two transmix processing facilities that are located in the Dallas-Fort Worth, Texas area and Birmingham, Alabama. In addition to refining transmix, the Fuel segment sells a suite of complementary fuel products and services, including third-party terminaling services, certain reclamation services and blending of renewable fuels. The Company’s other services include blending of renewable fuels into petroleum products, and the manufacture of biodiesel at its Birmingham facility.
