Vista Proppants amended reorganization plan effective as of Nov. 6

By Sarah Lizee

Olympia, Wash., Nov. 9 – Vista Proppants and Logistics, LLC’s third amended joint plan of reorganization took effect on Friday, according to a notice filed in the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the plan was confirmed on Oct. 28.

According to the disclosure statement, plan distributions will be funded with cash on hand, the issuance and distribution of new equity interests and an exit facility.

Holders of term loan secured claims will receive a share of 100% of new parent units, a share of $50 million in tranche C exit facility notes and a right to participate in tranche A of the exit facility in exchange for tranche A exit facility notes.

Holders of PlainsCapital ABL secured claims will receive the priority collateral securing the claims.

MAALT secured claims will be reinstated, or holders will receive the collateral securing the claims.

Other secured claims will be paid in full in cash or reinstated, or holders will receive the collateral securing the claims.

Holders of other priority claims will receive payment in cash in full.

Each holder of an allowed general unsecured claim that is not a term loan lender class 6 creditor will receive its pro rata share of the GUC cash settlement distribution. In addition, each holder, including term loan lender class 6 creditors holding allowed term loan deficiency claims, will receive its pro rata share of the distributions in respect of its litigation trust interests, subject to a sharing mechanism.

Intercompany claims and interests in debtors other than Vista HoldCo will be reinstated or cancelled with no distribution.

Interests in Vista Holdco will be cancelled with no distribution.

The four-year exit facility will have interest of Libor plus 950 basis points paid in kind for the first year, an original issue discount of 3%, and no amortization.

Vista Proppants and Logistics is a Fort Worth-based pure-play, in-basin provider of frac sand solutions in prolific producing regions in Texas and Oklahoma. The company filed bankruptcy on June 9 under Chapter 11 case number 20-42002.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.