Chapter 11 Financing Approved for Bankrupt Cypress Environmental
14 May 2022 - 8:14AM
Dow Jones News
By Akiko Matsuda
A bankruptcy judge on Friday approved a $5 million loan for
Cypress Environmental Partners LP to fund the company's prepackaged
chapter 11 reorganization process.
The pipeline inspection services provider based in Tulsa, Okla.,
filed for bankruptcy on May 8 with the U.S. Bankruptcy Court in
Houston, Texas, after facing difficulties in refinancing a roughly
$58 million loan maturing at the end of this month.
Cypress's senior secured lender, Argonaut Private Equity, has
committed to issue the bankruptcy financing. The lender is set to
take control of Cypress under a debt-to-equity swap deal, subject
to approval by Judge Marvin Isgur.
Write to Akiko Matsuda at akiko.matsuda@wsj.com
(END) Dow Jones Newswires
May 13, 2022 17:59 ET (21:59 GMT)
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