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BRIEF-Covia Holdings Says Files Voluntary Petitions Under Chapter 11
2020-06-30 11:39
June 29 (Reuters) - Covia Holdings Corp :
* COVIA ANNOUNCES PLAN TO CREATE SUSTAINABLE CAPITAL STRUCTURE AND REDUCE LONG-TERM OBLIGATIONS BY MORE THAN $1 BILLION
* FILES VOLUNTARY PETITIONS UNDER CHAPTER 11
* CONTINUES NORMAL OPERATIONS AND SERVING CUSTOMERS ACROSS ITS INDUSTRIAL AND ENERGY MARKETS
* APPROXIMATELY $250 MILLION OF CASH CURRENTLY ON HAND TO FUND OPERATIONS AND MANAGE REORGANIZATION PROCESS
* ENTERS AGREEMENT WITH LENDER GROUP ON TERMS OF RESTRUCTURING
* COMPANY'S FOREIGN SUBSIDIARIES, INCLUDING THOSE IN CANADA, MEXICO AND DENMARK, WERE NOT INCLUDED IN FILINGS
* COVIA'S U.S. OPERATIONS WILL ALSO CONTINUE IN ORDINARY COURSE OF BUSINESS SERVING CUSTOMERS
Source text for Eikon: Further company coverage:
((Reuters.Briefs@thomsonreuters.com;)
