DALLAS, Texas, April 13, 2016 (GLOBE NEWSWIRE) -- Southcross Holdings LP (“Holdings”) announced today that it has consummated its pre-packaged plan of reorganization (the “POR”) and emerged from bankruptcy protection. Holdings commenced voluntary cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas on March 27, 2016. The bankruptcy court confirmed the POR on April 11, 2016.
“The speed of our successful financial restructuring is a true credit to our entire team and reflects the continued support of our owners and lenders,” said John Bonn, President and Chief Executive Officer. “This allows us to move forward with a much stronger financial foundation and an enhanced ability to grow and expand our business in the current market environment.”
Among other things, the POR eliminated nearly $700 million of funded debt and preferred equity obligations of Holdings, and provided for a new equity investment from certain of its existing equity holders.
About Southcross Holdings LP
Southcross Holdings LP, through its subsidiary Southcross Holdings Borrower LP, owns 100% of Southcross Energy Partners GP, LLC, the general partner of Southcross, as well as a portion of Southcross’ common units, and all of Southcross’ subordinated units and Class B convertible units. Holdings also owns natural gas gathering and treating assets as well as NGL pipelines and fractionation facilities in South Texas.
Contact: Jennifer E. Mercer Epiq Strategic Communications for Southcross Holdings LP 310-712-6215 firstname.lastname@example.org
Source:Southcross Holdings LP