Through the court-supervised process, the Company has completed the sales of its natural gas pipeline network in
The Company is poised to emerge reorganized around its high-quality gathering and processing business with facilities in the
“The Court’s confirmation of our Plan positions us to emerge as a stronger, more profitable standalone gathering and processing business,” said
Swent added, “Thanks to the incredible efforts of our team members, we were able to provide our customers uninterrupted service and achieve a number of significant operating milestones, including an outstanding safety performance for a period of 15 consecutive months of zero recordable incidents. We thank our employees for their hard work and commitment to safety throughout this process. On behalf of the entire Southcross team, I also want to express our gratitude to our customers, suppliers and business partners for their continued support over the past several months.”
Upon emergence, Southcross will become a privately held company and its units will no longer be listed on any public market.
Additional Information About the Court-Supervised Process
Additional information about the court-supervised process is available by calling the Company’s claims agent, KCC, at (866) 967-0671 (US/
This news release and accompanying statements may contain forward-looking statements. All statements that are not statements of historical facts, including statements regarding our restructuring process, our Chapter 11 proceedings, our operations, our evaluation of a range of options, including a possible sale of the business, the divestiture of certain assets or a standalone restructuring plan, our financial position, future growth, and the potential emergence by us as a viable, more profitable company, and our intent to make all vendor and supplier payments are forward-looking statements. We have used the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” “would”, “potential,” and similar terms and phrases to identify forward-looking statements in this news release. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions could be inaccurate, and, therefore, we cannot assure you that the forward-looking statements included herein will prove to be accurate. These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside our control. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors including: the Partnership’s significant indebtedness, the restructuring process, and actions taken in our Chapter 11 proceedings. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this news release. The Partnership undertakes no obligation to update any information contained herein or to publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this news release.
Source: Southcross Energy Partners, L.P.