The Memorandum adds as to a later agreed "General Unsecured Claims Pool": "On May 10, 2022, the Debtors filed the First Modified Plan and a redline [Docket About the Debtors Williams Communications, and Oklahoma State Regents for Higher Education. The Debtors business is organized into two reportable segments: (1) inspection services (Inspection Services), comprising the operations of the Inspection Entities (as noted on the Structure Chart); and (2) water and environmental services (Environmental Services), representing the water treatment operations of the Salt Water Disposal Entities (as noted on the Structure Chart). 244] provides: The Plan represents a comprehensive restructuring that maximizes the value of the Debtors estates for the benefit of all stakeholders. Filing Date Highlights abrdn, formerly known as Standard Life Aberdeen, is said to be looking to divest its 14bn-managing private equity unit as chief executive Stephen Bird is looking for further streamlining and restructuring. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. 56] showing the changes against the Initial Plan.The First Modified Plan included, among other things, the addition of the General Unsecured Claims Pool, consisting of $250,000, net of Plan Administrator Expenses, to be funded on the Effective Date and distributed pursuant to the Plan to holders of claims in Class 5 (General Unsecured Claims) (such modification, the Class 5 Treatment Modification). As at the Petition date, the Debtors have approximately $59.2mn in outstanding debt obligations, consisting of approximately: (i) $58.9mn outstanding under their Prepetition First Lien Credit Agreement; (ii) $250k in Trade Payables outstanding; and (iii) $74k in General Unsecured Claims. In the legal profession, information is the key to success. For more information about the cookies we use, see our Privacy Policy. The Restructuring Support Agreement, and the Plan,contemplate a debt-to-equity recapitalization transaction, whereby Argonaut will receive 100% of the new equity interests of reorganized CEP(as defined below), subject to dilution by a management incentive plan, in exchange for extinguishing the obligations remaining under the Credit Agreement (the Reorganization Transaction). Argonaut partners with companies to develop a strategy for accelerating growth and enhancing operations. Reproduction in whole or in part, in any form or medium without express written permission is prohibited.

discharged and extinguished and that the holders of such claims would receive no recovery under the Plan on account of such claims." In turn, CEP is the direct or indirect parent of all of the remaining Debtor entities, controlling (either directly or indirectly) 100 percent of the equity interests of all of the remaining Debtors except for Cypress Brown Integrity, LLC, of which CEP owns 51 percent. Prepetition Indebtedness On June 16, 2022, the Debtors' claims agent notified the Court of the Plan voting results [Docket No. Class 6 (Intercompany Claims) is impaired/unimpaired, deemed to accept/deemed to reject and not entitled to vote on the Plan. Liquidation Analysis (Please see Exhibit C to the Disclosure Statement for notes) 20, , 40 , For these reasons, the Debtors respectfully submit that the Plan, and the restructuring transactions contemplated therein, are in the best interests of the Debtors, their estates, and all stakeholders, and should be confirmed." Class 9 (Section 510(b) Claims) is impaired, deemed to reject and not entitled to vote on the Plan. As the new senior secured lender, we look forward to expeditiously working with Cypresss management, board of directors, and advisors on a court-supervised restructuring. Argonaut was founded in 2002 and is led by billionaire George Kaiser. . . LGT Capital Partners has closed its third dedicated co-investment fund on $2bn, smashing its target of $1.5bn. Argonaut to Provide $5mn of DIP Financing Field, and a company controlled by CELPs CEO, Peter Boylan. 3. Holdings is owned by Charles C. Stephenson, Jr., entities related to Mr. Stephensons family, Mr. Stephensons daughter, Cynthia A.

holders of Intercompany Claims shall either have such claims (i) Reinstated or (ii) released without any distribution on account of such claims; Try our Advanced Search for more refined results, Searching articles in Argonaut Private Equity Global FinTech Series covers top Finance technology news, editorial insights and digital marketing trends from around the globe. Immediately after completion of the Loan Sale, the Debtors and Argonaut commenced negotiations regarding a comprehensive reorganization of the Debtors business and capital structure. Already a subscriber? To explore Argonaut Private Equitys full profile, request access. TULSA, Okla., Sept. 8, 2021 /PRNewswire/ -- Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, announced its partnership with FABco, a leading provider of concrete construction materials and supplies including engineered steel rebar and associated construction products. This information is available in the PitchBook Platform. holders of General Unsecured Claims will receive a pro rata share of the [$250k] General Unsecured Claims Pool; I took a free trial but didn't get a verification email. We plan to have Cypress emerge with a strong balance sheet that will position them for growth. MAS International Co., Ltd. Pete and the leadership team have built a great business that offers excellent paying jobs in Tulsa and in over 40 states, serving blue chip customers. Global buyout giant Blackstone has secured $24.1bn of commitments for its latest real estate fund, according to a regulatory filing. In addition, the Plan provides for the payment in full of priority and trade claims and an equity commitment from Argonaut to provide working capital to the Reorganized Company upon emergence. More specifically, the Plan provides, among other things, for: The Restructuring Support Agreement, and the Plan,contemplate a debt-to-equity recapitalization transaction, whereby Argonaut* will receive 100% of the new equity interests of reorganized CEPsubject to dilution by a management incentive plan, in exchange for extinguishing the obligations remaining under the Credit Agreement (the Reorganization Transaction). holders of Allowed Other Priority Claims, if any, will be paid in full in Cash, have such claims Reinstated, or otherwise be rendered Unimpaired; The firm's primary areas of focus include consumer electronics, energy, materials, telecom, drug discovery and delivery, medical devices, aviation, healthcare services, technology, manufacturing, and financial services. Cypress Environmental Partners, L.P., reported that an affiliate of Argonaut Private Equity, which is headquartered in Tulsa, Oklahoma, has acquired 100% of Cypresss senior secured debt from the seven existing lenders. Brothers Martin Paul, Matthew Paul and Mark Paul continue to maintain the partnership as they work together with the Argonaut team to bring the company to the next level. The New York Stock Exchange continues to monitor trading in Cypresss common units for compliance with the NYSEs requirement of a $15 million market capitalization over 30 trading days; the failure to satisfy this requirement would result in immediate suspension and commencement of delisting procedures. Information on assets, buyers and sellers, deal values, and more. The Debtors lead petition noted estimated assets of $97.0mn; and estimated liabilities of $62.4mn ($58.9mn of funded debt). our sites and services. The Debtors' memorandum in support of Plan confirmation (the "Memorandum") [Docket No. Get the full list, Youre viewing 5 of 17 exits. Our board of directors is pleased that Argonaut is interested in recapitalizing Cypress and growing its business, and that Argonaut is committed to the Tulsa community. Argonaut Private Equity has 14 portfolio exits. Debtors Cite "Perfect Storm" of Back-to-Back Energy Downturns, Pandemic and FLSA litigation as Compelling Bankruptcy Argonaut Private Equity has made 60 investments. Class 5 (General Unsecured Claims) is impaired, deemed to reject and not entitled to vote on the Plan. , site you are consenting to these choices. (SECOM) 11 Plan. You can read more about your. The Plan allows the Debtors to avoid a value-destructive, piecemeal liquidation and instead to continue as a going concern and to preserve hundreds of good paying jobs, including those of its inspector workforce. Argonaut is a highly respected Tulsa, Oklahoma based private equity firm that we have known since inception. Get the full list, Chief Executive Officer & Managing Director, Chief Financial Officer & General Counsel. ", Argonaut CEO Steve Mitchell calls the investment an example of "the right partnership with the right people at the right time.". Then in early April 2020 and again in June 2020, Saudi Arabia and Russia agreed to oil production cuts. 1. Cypress Environmental Partners GP, LLC (the General Partner), a non-debtor, is the general partner of CELP. , [ : (, )] Argonaut will also provide a Debtor-In-Possession loan (the 'DIP Facility') to Cypress to fund operations, if necessary." First Name * Prices for top E&P stocks and commodities. The Boylan Declaration continues: On April 22, 2022, the Former Lenders sold all of their right, title, and interest in and to the loan and loan documents related to the Credit Agreement to Argonaut (the Loan Sale) and Argonaut succeeded as collateral agent, administrative agent and Lender under the Credit Agreement. current Chief Executive Officer, Steven R. Mitchell, Oklahoma State Regents for Higher Education, CBI websites generally use certain cookies to enable better interactions with. CELP is the direct parent of, and owns 100% of the equity interests in, Cypress Environmental Partners, LLC (CEP). x. The firm prefers to invest in transformational growth and deliver valued solutions, energy services, manufacturing, distribution, and industrial sectors. Latest Fintech News: Crypto Oasis Strikes Strategic Partnership with KEYS Token, Bolstering Market Leadership in Blockchain. 11 Plan, Pipeline Inspection Co. Gets Nod On Amended $5M DIP Loan, Cypress Environmental Adds Cash Pool To Ch. We are master limited partnership (MLP) that is controlled by a Cypress Environmental GP whos owners interests are fully aligned with our minority investors with management and insiders owning approximately 74% of CELP. Regrettably, our equity holders will lose their investment, including insiders (management, board, and individuals that control the general partner) who own ~ 76% of our equity (common and preferred units) and remain fully aligned with the minority unitholders. 3PL . , In the first few weeks of March 2020, US oil prices fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%. Goals of the Chapter 11 Filings Fintech News Desk is a trained group of web journalists and reporters who collect news from all over the financial technology landscape. Submit Cypress Environmental Partners Reports New Lender Argonaut Private Equity. The Debtors services also help their clients comply with increasingly complex federal and state environmental and safety rules and regulations . Win whats next. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. European PE house IK Partners has agreed the sale of its stake in Linxis Group to NYSE-listed trade buyer Hillenbrand. System The Memorandum continues: "The Plan facilitates the reorganization of the Debtors on terms that provide a new, deleveraged capital structure for the Reorganized Debtors, which will allow the Reorganized Debtors to emerge from chapter 11 as a going concern and to preserve hundreds of good-paying jobs for its workforce. Founded in 2002, Argonaut Private Equity is a Tulsa-based private equity firm with $3 billion of capital deployed in direct investments across key industry sectors including manufacturing, industrials and energy services. Class 8 (Interests in CELP) is impaired, deemed to reject and not entitled to vote on the Plan. A combination of these events left them with too much debt and the need for recapitalization. Law360 provides the intelligence you need to remain an expert and beat the competition. System , , . New Partnership Between Argonaut Private Equity and FABco Brings Growth Opportunity. RSA milestones in respect of the Prepackaged Plan includeconfirmation within 40 days of filing and Plan effectiveness within 15 days of a confirmation order. Cision Distribution 888-776-0942 holders of Allowed Prepetition First Lien Credit Agreement Claims will receive New Interests in Reorganized CEP; At filing, the Debtors, who provide environmental services to the O&G sector, noted: "The Debtors have faced back-to-back energy downturns starting with an OPEC price war from 2015-2017, and thenSaudi Arabia initiated a price war on oil with Russia, facilitating a 65% quarterly fall in the price of oil.These market events, the start of a global pandemic, and material litigation under the Fair Labor Standards Act (the FLSA) had a material adverse impact on the Debtors[and] created the perfect storm that forced the Debtors to commence these Chapter 11 Cases. holders of Trade Claims will have such claims Reinstated or will be paid in full in Cash; holders of DIP Claims will receive New Interests in Reorganized CEP; Trading of CELPs common units began in January 2014 on the New York Stock Exchange under the symbol CELP. In 2018, Argonaut raised Argonaut Private Equity Fund IV to continue its history of generating attractive investment returns through a disciplined approach and aligning interest with those of its investors and business partners. These factorscreated the perfect storm that forced the Debtors to commence these Chapter 11 Cases. TheDebtors engaged with Argonaut and discussed the various options available for Argonaut to acquire the Debtors assets, focusing on a stalking horse bidthat would establish a baseline value for the Debtors assets against which the Debtors could solicit higher or better offers from alternative buyers to be effectuated through a chapter 11 section 363 sale process or a chapter 11 plan of reorganization pursuant to which Argonaut would exchange its debt for the Debtors equity. holders of Section 510(b) Claims shall have such claims discharged and extinguished and shall not receive or retain any property under the Plan on account The $18bn-managing Maine Public Employees Retirement System has revealed $225m of new alternative investment fund commitments. Youre viewing 5 of 43 investments. Get the latest PE News & Research delivered to your inbox every morning.