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Covia files for Chapter 11 bankruptcy
2020-06-30 13:05
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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