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4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
4 - Cypress Environmental Partners, L.P. (0001587246) (Issuer)
15-12B - Cypress Environmental Partners, L.P. (0001587246) (Filer)
8-K - Cypress Environmental Partners, L.P. (0001587246) (Filer)
25-NSE - Cypress Environmental Partners, L.P. (0001587246) (Subject)
Today, Cypress Environmental Partners, L.P. (NYSE:CELP) ("Cypress" or the "Company") announced that it filed for Chapter 11 bankruptcy protection and reached a restructuring support agreement with its priority senior secured lender, an affiliate of Argonaut Private Equity ("Argonaut"), that is expected to clear approximately $58 million worth of debt. The petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Paul Hastings LLP is serving as legal counsel. Judge Isgur entered a series of interim orders on "first day" motions that will facilitate Cypress's continued normal business operations and reorganization efforts, including continuing to p
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported that an affiliate of Argonaut Private Equity, which is headquartered in Tulsa, Oklahoma, has acquired 100% of Cypress's senior secured debt from the seven existing lenders. As previously reported, Cypress, with the support of its lenders, engaged Piper Sandler & Co. to solicit potential debt and equity investors to submit proposals to recapitalize Cypress in advance of the May 31, 2022 maturity date of Cypress's credit facility. Cypress and its lenders worked together to ensure business continuity and normal operations for Cypress's customers and employees. Piper Sandler reported the results of this extensive mar
Today, Cypress Environmental Partners, L.P., (NYSE:CELP) ("Cypress") reported its financial results for the three months and year ended December 31, 2021. FINANCING Cypress continues to work with Deutsche Bank AG, its credit facility Administrative Agent, Lead Arranger and Bookrunner, and the six other banks ("Lenders") and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. Because the credit agreement matures within one year, the financial statements in Cypress's Annual Report on Form 10-K disclose substantial doubt about its ability to continue as a going concern, as defined under U.S. Generally Accepted Accounting Principles. This condition
Cypress Environmental Partners, L.P. (NYSE:CELP) ("Cypress" or the "Company") announced that it filed for Chapter 11 bankruptcy protection and reached a restructuring support agreement with its priority senior secured lender, an affiliate of Argonaut Private Equity ("Argonaut"), that is expected to clear approximately $58 million worth of debt. The petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Paul Hastings LLP is serving as legal counsel. Judge Isgur entered a series of interim orders on "first day" motions that will facilitate Cypress's continued normal business operations and reorganization efforts, including continuing to pay emplo
TULSA, Okla.--(BUSINESS WIRE)-- Today, Cypress Environmental Partners, L.P. (NYSE:CELP) (“Cypress” or the “Company”) announced the next step in its previously announced plan to pursue a court-supervised restructuring. On May 8, 2022, Cypress entered into a Restructuring Support Agreement (the “RSA”) with Argonaut Private Equity (“Argonaut”), a Tulsa-based private equity firm and the sole senior secured lender of the Company, pursuant to which Argonaut agreed to vote in favor of a joint pre-packaged plan of reorganization of the Company and its subsidiaries (the “Plan”) under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”). The Plan was filed with the U.S. Bankruptcy Court for the So
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