Expro chapter 11 plan of reorganization
Davis Polk advised an ad hoc group of prepetition senior secured lenders in connection with the successful chapter 11 restructuring of Expro International Group Holdings Limited and certain of its subsidiaries. On January 25, 2018, Expro’s prepackaged plan of reorganization, which Davis Polk played a leading role in structuring and negotiating, was confirmed by the Honorable Judge David R. Jones of the Bankruptcy Court for the Southern District of Texas.
Upon effectiveness of the plan, the full amount of Expro’s approximately $1.4 billion of prepetition secured debt will be equitized and certain lenders that were party to the restructuring support agreement will provide additional capital to the reorganized company through a $200 million equity rights offering backstopped by the ad hoc lender group. The prepackaged plan enjoyed the support of substantially all of Expro’s prepetition lenders and shareholders. Certain members of the ad hoc group also provided a delayed-draw term loan, debtor-in-possession credit facility of up to $125 million in connection with Expro’s chapter 11 cases.
Expro provides services and products that measure, improve, control and process flow from high-value oil and gas wells, from exploration and appraisal through to mature field production optimization and enhancement.
The Davis Polk restructuring team includes partner Damian S. Schaible and associates Christopher Robertson and Jonah A. Peppiatt. The finance team includes partner Monica Holland and counsel Christian Fischer. The corporate team includes partners Leonard Kreynin and European counsel Simon J Little and associate Camila Panama. The tax team includes partners Kathleen L. Ferrell and Jonathan Cooklin. Members of the Davis Polk team are based in the New York and London offices.