Carbo Ceramics reorganization plan accepted by most voting creditors

By Caroline Salls

Pittsburgh, June 5 – Carbo Ceramics Inc.’s amended plan of reorganization was accepted by a majority of voting creditors, according to a ballot report filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The plan was accepted by both holders of $20 million in pre-bankruptcy lender secured claims and both holders of $45 million in general unsecured claims against the StrataGen, Inc. debtor.

In addition, the plan was accepted by 33 holders, or 91.67% in number, of $45.26 million, or 95.16% in amount, of general unsecured claims against the Carbo Ceramics debtor, while it was rejected by three holders, or 8.33% in number, of $2.3 million, or 4.84% in amount, of those claims.

A total of three holders, or 75% in number, of $45 million, or 99.93% in amount, of general unsecured claims against the AssetGuard Products Inc. debtor approved the plan, while it was rejected by one holder, or 25% in number, of $30,538, or 0.07% in amount, of those claims.

The plan confirmation hearing is scheduled for June 9.

Carbo, based in Houston, is a global technology company that provides products and services to the oil and gas, industrial, agricultural and environmental markets. The company filed bankruptcy on March 29 under Chapter 11 case number 20-31973.

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