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Hi-Crush Emerges From Chapter 11

Paul, Weiss represented an ad hoc group of noteholders in the prearranged restructuring of Hi-Crush Inc. and 21 of its subsidiaries. Hi-Crush is a fully-integrated oil-field services company providing proppant and logistics services used in the hydraulic fracturing of oil and gas wells. The ad hoc group and Hi-Crush entered into a restructuring support agreement on July 12, and the company commenced voluntary cases under chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas to implement the restructuring contemplated by the agreement. The comprehensive prearranged chapter 11 plan was approved by the bankruptcy court on September 23 and went effective on October 9.

The approved plan allows the company to eliminate approximately $450 million of unsecured note debt; reduce the company’s annual interest expense by more than $43 million; equitize any other general unsecured claims against the company; and restructure key supply and rail car arrangements, substantially reducing the company’s operational costs going forward. Additionally, pursuant to the plan, the company’s prepetition lenders and the ad hoc group provided exit financing in the aggregate of $65 million to meet the long-term capital needs of the company post-emergence.

The Paul, Weiss team included restructuring partners Brian Hermann and Elizabeth McColm; corporate partners David Huntington, Jeffrey Marell, Sarah Stasny and Austin Witt; litigation partner Gregory Laufer; employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman; tax partner Robert Holo; real estate partner Harris Freidus; intellectual property partner Charles Googe; and environmental counsel William O’Brien.

October 9, 2020

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