Covia files for Chapter 11 bankruptcy
Jun. 30, 2020 1:05 AM ETCovia Holdings Corporation (CVIA)CVIABy: Gaurav Batavia, SA News Editor12 Comments
- Covia (NYSE:CVIA) says it has filed for Chapter 11 bankruptcy protection.
- The Company has entered into a restructuring support agreement with holders of a majority of its secured debt for a comprehensive financial restructuring of its debt.
- The company aims to reduce debt and eliminate excess fixed costs by more than $1B.
- The company will continue normal operations and has ~$250M of cash currently on hand to fund operations and manage reorganization process.
- The Company's foreign subsidiaries, including those in Canada, Mexico and Denmark, were not included in the filings, and its international operations are continuing in the ordinary course.
- Source: Press Release