CARBO is advised in this matter by Vinson & Elkins L.L.P., Perella Weinberg Partners L.P. (together with its corporate advisory affiliates including Tudor Pickering Holt & Co.), and FTI Consulting, Inc.
CARBO Ceramics Inc. announced that it has reached an agreement with Wilks Brothers, LLC and Equify Financial, LLC under which the Wilks Brothers will acquire the Company through a debt-for-equity exchange pursuant to a plan of reorganization in a Chapter 11 bankruptcy case. To facilitate the agreement and effectuate the transaction, the Company initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. CARBO expects to continue to operate in the ordinary course throughout the Chapter 11 process.
The Wilks Brothers have committed to providing $15 million in debtor-in-possession financing and consented to the use of its cash collateral to bolster CARBO’s financial position and finance its operations through the process. This financing, combined with CARBO’s usual operating cash flows, will allow CARBO to continue to operate in the ordinary course through the restructuring process.
CARBO is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural and environmental markets to enhance value for its clients.
The V&E cross-practice team is led by partners Paul Heath (Picture), David Meyer and Mike Telle with assistance from partners Matt Moran, Guy Gribov, Wendy Salinas, David Peck, David D’Alessandro, Sean Becker and Tom Wilson. Also advising were senior associate Garrick Smith and associates Matt Struble and Mike Garza; senior associate Jeremy Reichman and associate Holly Meyers; associates Todd Hartis and John Daywalt; counsel Christie Alcalá; counsel Regina Ibarra; and senior associate Zach Rider.
Involved fees earner: Christie Alcalá – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; David D’Alessandro – Vinson & Elkins LLP; John Daywalt – Vinson & Elkins LLP; Michael Garza – Vinson & Elkins LLP; Guy Gribov – Vinson & Elkins LLP; Todd Hartis – Vinson & Elkins LLP; Paul Heath – Vinson & Elkins LLP; Regina Ibarra – Vinson & Elkins LLP; David Meyer – Vinson & Elkins LLP; Hollyann Meyers – Vinson & Elkins LLP; Matthew Moran – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Jeremy Michael Reichman – Vinson & Elkins LLP; Zach Rider – Vinson & Elkins LLP; Garrick Smith – Vinson & Elkins LLP; Matthew Struble – Vinson & Elkins LLP; Michael Telle – Vinson & Elkins LLP; Wendy Trahan Salinas – Vinson & Elkins LLP; Thomas Wilson – Vinson & Elkins LLP;
Law Firms: Vinson & Elkins LLP;
Clients: CARBO Ceramics Inc;