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Expro Holdings Commences Prepackaged Chapter 11 Cases

Paul, Weiss is representing oilfield services company Expro Holdings US Inc. and certain of its affiliates in connection with their “prepackaged” chapter 11 cases in the Bankruptcy Court for the Southern District of Texas. Prior to the filing, substantially all of Expro’s lenders, including holders of prepetition mezzanine debt, and 98% 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 if, among other things, their respective classes vote in favor of the plan. In addition, the plan provides for a fully committed $200 million rights offering. Finally, Expro obtained postpetition financing from certain prepetition first lien lenders and a third party bonding facility provider in the aggregate amount of $155 million.

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

December 28, 2017

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