Nuverra Environmental Solutions emerged from bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, having eliminated more than $500 million of previously outstanding debt.
Upon emergence, the company entered into a $30 million senior secured revolving credit facility and a $15 million senior secured credit facility provided by ACF FinCo I, an entity managed by Ares Management, and a second lien term loan credit facility of up to $26.8 million provided by certain affiliates of Ascribe Capital and Gates Capital Management. These credit facilities, totaling more than $70 million, will support the reorganized company’s operations going forward.
The company’s legal advisors included Shearman & Sterling, Squire Patton Boggs (U.S.) and Young Conaway Stargatt and Taylor. Lazard Middle Market served as the company’s financial advisor. AP Services served as the company’s restructuring advisor.
Nuverra Environmental Solutions provides comprehensive, full-cycle environmental solutions to customers focused on the development and ongoing production of oil and natural gas from shale formations.