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Bankruptcy Court Approves Expro Prepackaged Chapter 11 Plan

Paul, Weiss represented oilfield services company Expro Holdings US Inc. and certain of its affiliates in connection with their prepackaged chapter 11 plan, which was approved by Judge David Jones of the Bankruptcy Court for the Southern District of Texas. As Paul, Weiss partner Brian Hermann noted, the plan received unanimous support from the voting classes, with no rejecting votes submitted. Paul, Weiss partner Alice Eaton added that the debtors had addressed concerns expressed by the U.S. Environmental Protection Agency and the Comptroller of the Public Accounts of the State of Texas, while an objection filed by Cypress-Fairbanks ISD, Harris County and Nueces County had been withdrawn. Judge Jones complimented the parties, stating that “days like this make this job worthwhile.”

Prior to the filing, substantially all of Expro’s lenders, including holders of prepetition mezzanine debt, and 98 percent of holders of existing preference shares, agreed to vote in favor of Expro’s prepackaged chapter 11 plan pursuant to a restructuring support agreement. Altogether, the chapter 11 plan will result in the reduction of the Debtors’ funded debt obligations by approximately $1.4 billion through a conversion of the Debtors’ obligations under its prepetition first lien credit facility into equity of the reorganized company. The plan will allow for the holders of prepetition mezzanine debt and existing holders of preference shares to participate in the Debtors’ long-term recovery through the issuance of warrants. In addition, the plan provides for a fully committed $200 million rights offering.

The Paul, Weiss team included bankruptcy partners Alice Eaton, Brian Hermann and Kyle Kimpler and counsel Lauren Shumejda; corporate partner John Kennedy and counsel Austin Witt; antitrust counsel Marta Kelly; litigation partner Moses Silverman; tax partner Scott Sontag and counsel Todd Hatcher; and employee benefits partner Andrew Gaines and counsel Jason Ertel

January 25, 2018

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