Covia Holdings (CVIA) Files Voluntary Petitions Under Chapter 11

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Go back to Covia Holdings (CVIA) Files Voluntary Petitions Under Chapter 11

Covia Announces Plan to Create Sustainable Capital Structure and Reduce Long-Term Obligations by More than $1 Billion

June 29, 2020 11:25 PM EDT

INDEPENDENCE, Ohio, June 29, 2020 /PRNewswire/ -- Covia (NYSE: CVIA) today announced that it has taken a major step toward creating a sustainable capital structure by reducing debt and eliminating excess fixed costs by more than $1 billion. The Company has entered into a restructuring support agreement (the "RSA") with holders of a majority of its secured debt for a comprehensive financial restructuring of its debt.

To implement the terms of the RSA, the Company and certain of its U.S. subsidiaries have voluntarily filed petitions for reorganization under... More