INDEPENDENCE, Ohio, December 14, 2020 (GLOBE NEWSWIRE) – Covia today announced the United States Bankruptcy Court for the Southern District of Texas, Houston Division, confirmed its Plan of Reorganization. The confirmation order marks a key milestone in the Company’s reorganization process, and the Company anticipates emerging from bankruptcy at the end of 2020.
"We are pleased with the results of this hearing, and thank our employees, customers, vendors, lenders and creditors for helping us achieve this positive outcome," said Richard Navarre, Chairman, President and Chief Executive Officer. "Upon emergence, we will reduce our long-term obligations by over $1 billion, which will significantly improve our capital structure and cash flow profile and allow us to be an even stronger partner to our stakeholders."
Kirkland & Ellis LLP, PJT Partners, LP and AlixPartners, LLP advised the Company throughout this reorganization.
Additional Information
Additional information can be found at ir.CoviaCorp.com. Court documents and other materials related to the courtsupervised process are available on a website hosted by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/Covia. The Company has established a call center for questions: 877-606-3610 if calling from within the U.S. or Canada, or 929-955-3452 if calling from outside the U.S. or Canada.
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all of its stakeholders. For more information, visit CoviaCorp.com.
