Published: October 14, 2020 |

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Hi-Crush Inc. has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, having satisfied all of the conditions to the effectiveness of its plan of reorganization. Through its financial restructuring, Hi-Crush has eliminated approximately $450 million of debt from its balance sheet, as well as more than $76 million of annual interest expense and lease payment obligations.

Hi-Crush has entered into a new $25 million senior secured asset based loan and paid off outstanding amounts under its debtor-in-possession term loan with proceeds from a $43 million equity rights offering. The company’s post-emergence cash balance is approximately $35 million.

In accordance with the plan, the company appointed a newly constituted board of directors. The new board consists of Colin Leonard, Brad Kottman, Jacob Mercer, and Marc Rowland, in addition to Robert E. Rasmus, Hi-Crush’s chief executive officer.

About Hi-Crush Inc.
Hi-Crush Inc. is a fully-integrated provider of proppant and logistics services for hydraulic fracturing operations, offering frac sand production, advanced wellsite storage systems, flexible last mile services, and innovative software for real-time visibility and management across the entire supply chain. Its strategic suite of solutions provides operators and service companies in all major U.S. oil and gas basins with the ability to build safety, reliability, and efficiency into every completion.

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