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Expro Prepackaged Bankruptcy Plan Effective

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Expro Holdings’ Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court approved the Disclosure Statement and concurrently confirmed the Plan on January 25, 2018.

The Company notes, “The financial restructuring eliminated Expro’s entire $1.4 billion of funded debt, including the associated $80 million of annual interest payments, leaving the Company with a fully deleveraged balance sheet. Additionally, Expro has raised $200 million in equity from its new shareholders, which ensures that the Company exits this process in the best possible position for long-term business development and growth.”

This privately-held well flow management services’ provider filed for Chapter 11 protection on December 18, 2017, listing more than $500 million in pre-petition assets.

Read more Expro bankruptcy news.