Covia Holdings Emerges from Chapter 11

Covia today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the restructuring, Covia has reduced its long-term debt by approximately $750 million and its fixed costs, including railcar obligations, by an additional $300 million.

"Today marks a new beginning for Covia. Through this reorganization process, we emerge as a stronger company that will better serve our customers and other stakeholders with a sustainable capital structure and improved operational flexibility," said Richard Navarre, Chief Executive Officer and President. "Many thanks go to our employees, customers, vendors and lenders, all of whom played important roles in creating a stronger Covia.”Mr. Navarre added, “Covia’s diversified mineral solutions and services will continue to be critical inputs in products that are important parts of everyday life. By emerging as a more streamlined organization backed by owners with strong financial resources and expertise in the industrial minerals space, we have improved our ability to accelerate growth in our higher-margin industrial segment and be the low-cost provider to our customers. We are confident that we are emerging from this process positioned for long-term success.”

Following emergence from the restructuring, the Company’s strengthened capital structure consists of:

• Approximately $175 million in total liquidity consisting of $105 million in cash and $70 million of availability under a $135 million asset-based lending facility expected to mature in December 2025 and provided by PNC Bank, N.A.; and
• An $806 million term loan B maturing in July 2026.

Kirkland & Ellis LLP, PJT Partners, LP and AlixPartners, LLP advised the Company throughout this reorganization.

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