Ad Hoc Term Lender Group in Covia’s emergence from creditor protection

On December 31, 2020, Covia announced its emergence from creditor protection. After voluntarily filing for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas, Covia entered into a restructuring agreement with the ad hoc term lenders group and successfully restructured approximately $1.6 billion of secured debt and rejected and restructured its railcar leases.

Covia is a leading provider of minerals and material solutions for the Industrial and Energy markets.

Osler, Hoskin & Harcourt LLP advised the ad hoc term lender group with a team consisting of Joyce Bernasek, Jasmyn Lee, and Timothy Shin (Financial Services).