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

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