Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
DALLAS, Texas, March 22, 2016 -- Southcross Holdings LP (“Holdings” or “Company”) announced today that it has entered into a Restructuring Support Agreement with its owners, a majority of its senior lenders and all of the Class B preferred equity holders and, as part of this agreement, commenced a solicitation of votes for a prepackaged plan of reorganization (the “POR”). Holdings intends to commence cases under chapter 11 of the United States Bankruptcy Code to implement the POR, which is expected to result in a significant reduction in outstanding debt along with a new equity investment from certain of its existing equity holders.
|
|||
A key component of the POR is that all trade creditors, suppliers and contractors of Holdings are expected to be paid in the ordinary course of business and any amounts owed by Holdings to these parties will not be impacted by the contemplated Chapter 11 filing.
Southcross Energy Partners, L.P. and its subsidiaries are not included in the planned Chapter 11 filing and their operations and employees, customers, suppliers, partners, and other constituents are not affected. Southcross Energy Partners GP, LLC is also not a part of the anticipated filing.
The Company has set up a hotline to answer questions about the transaction highlighted in this press release. The hotline can be accessed by dialing +1 (800) 708-8796. The Company has also posted FAQs on its website at http://www.southcrossholdings.com.
About Southcross Holdings LP
Southcross Holdings LP, through its subsidiary Southcross Holdings Borrower LP, owns 100% of Southcross Energy Partners GP, LLC, the general partner of Southcross, as well as a portion of Southcross Energy’s common units, all of Southcross Energy’s subordinated units and all of Southcross Energy’s Class B convertible units. Holdings also owns natural gas gathering and treating assets as well as NGL pipelines and fractionation facilities in South Texas.
Contact: Jennifer E. Mercer Epiq Strategic Communications for Southcross Holdings LP 310-712-6215 [email protected]
