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Wilks Brothers to Acquire CARBO Ceramics in Chapter 11 Reorganisation
Tuesday 31 March 2020

US-based investment management firm Wilks Brothers, LLC and Equify Financial LLC will acquire US technology provider US technology provider CARBO Ceramics Inc. through a debt-for-equity exchange pursuant to a plan of reorganisation in a Chapter 11 bankruptcy case, the company said.

To facilitate the agreement and effectuate the transaction, the company initiated a voluntary Chapter 11 process in the US Bankruptcy Court for the Southern District of Texas, Houston Division. CARBO expects to continue to operate in the ordinary course throughout the Chapter 11 process.

The Wilks Brothers have committed to providing USD15 m in debtor-in-possession (DIP) financing and consented to the use of its cash collateral to bolster CARBO's financial position and finance its operations through the process. This financing, combined with CARBO's usual operating cash flows, will allow CARBO to continue to operate in the ordinary course through the restructuring process.

CARBO is advised in this matter by Vinson and Elkins L.L.P., Perella Weinberg Partners L.P. (together with its corporate advisory affiliates including Tudor Pickering Holt and Co.), and FTI Consulting, Inc.

CARBO is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets to enhance value for its clients.
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Date Published: 31/03/2020

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