}); Copyright 2022 Global FinTech Series. In addition, the Plan provides for the payment in full of priority and trade claims and an equity commitment from Argonaut to provide working capital to the Reorganized Company upon emergence. Global Fintech Series: Top Fintech News, Insights and Analysis, BayFirst Financial Corp. Launches LoanBud, a Nationwide Lender Focused on Serving the Self-Employed, Crypto Oasis Strikes Strategic Partnership with KEYS Token, Bolstering Market Leadership in Blockchain, SALT Launches Crypto Lending-As-A-Service; Announces Cion Digital as First Partner, Bitso will Offset Carbon Emissions of All Bitcoin and ERC-20 Token Transactions Carried out in its Platform, Huobi Tech Establishes Huobi Tech Capital to Capture Opportunities in Web3.0, DeFi, and Metaverse, Valmark Financial Group Launches Life Insurance Fulfillment Tool (LIFT), Ramon Looby Marks Inaugural Year as Maryland Bankers Association CEO, Canoe Financial Renews At-the-Market Equity Program for Canoe EIT Income Fund, Lendio Makes Strategic Move to Position the Brand for Growth, Strengthens Product Portfolio for Small Businesses, CalTier Strengthens its Technology Capabilities, SafeAI and Obayashi Operate Autonomous Vehicle on a Construction Site in Japan, Neon raises US$ 80 Million in its First Credit Card Investment Fund (FIDC) to Expand the Access of its Products to More Customers, Open Cross-Border Payments Product Gets a Go-Ahead From RBI, i2c Powers Airwallex B2B Card to Optimize Cross-Border, Multi-Currency Payments Using AI. 4.
Trading of CELPs common units began in January 2014 on the New York Stock Exchange under the symbol CELP.
We won't track your information when you visit our site. At filing, the Debtors, who provide environmental services to the O&G sector, noted: "The Debtors have faced back-to-back energy downturns starting with an OPEC price war from 2015-2017, and thenSaudi Arabia initiated a price war on oil with Russia, facilitating a 65% quarterly fall in the price of oil.These market events, the start of a global pandemic, and material litigation under the Fair Labor Standards Act (the FLSA) had a material adverse impact on the Debtors[and] created the perfect storm that forced the Debtors to commence these Chapter 11 Cases.
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Argonaut Private Equity acquired 8 companies. Cypress Environmental Partners, L.P. Notifies Court of June 22nd Plan Effectiveness Date; Debt-for-Equity Swap Leaves Tulsa-Based Argonaut Private Equity as New Owners, Cypress Environmental Partners L P : Seeks Chapter 11 Protection, Signs Restructuring Deal, Cypress Environmental Partners, L.P. Seeks $5mn of DIP Financing ($3mn Interim) from Recent Purchaser of Prepetition Senior Debt (and Stalking Horse) Argonaut Private Equity, Cypress Environmental Partners Seeks Chapter 11 Protection, Signs Restructuring Deal.
Argonaut was founded in 2002 and is led by billionaire George Kaiser. Piper Sandler reported the results of this extensive marketing process to the board of directors of Cypresss general partner and made a recommendation regarding which proposal was superior. 2.
Get the full list, Youre viewing 5 of 17 exits. Voting Results As is common with Argonaut investments, the FABco partnership is founder-led.
Get the full list, Chief Executive Officer & Managing Director, Chief Financial Officer & General Counsel. portalId: "2621492", Argonaut PE picks up oil, gas and water pipe maker Mammoth Argonaut announces $230m-plus first close for Fund IV. It is highly likely that Cypresss common units would be delisted from the NYSE in the event of a restructuring proceeding. The Boylan Declaration continues: On April 22, 2022, the Former Lenders sold all of their right, title, and interest in and to the loan and loan documents related to the Credit Agreement to Argonaut (the Loan Sale) and Argonaut succeeded as collateral agent, administrative agent and Lender under the Credit Agreement. Submit Asian private equity major Navis Capital Partners has launched a new credit platform with the hire of former Blackrock managing director Justin Ferrier.
Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. Founded in 2002, Argonaut Private Equity is a private equity firm based in Tulsa, Oklahoma. 56] showing the changes against the Initial Plan.The First Modified Plan included, among other things, the addition of the General Unsecured Claims Pool, consisting of $250,000, net of Plan Administrator Expenses, to be funded on the Effective Date and distributed pursuant to the Plan to holders of claims in Class 5 (General Unsecured Claims) (such modification, the Class 5 Treatment Modification). of such Section 510(b) Claims."
Class 7 (Intercompany Interests) is impaired/unimpaired, deemed to accept/deemed to reject and not entitled to vote on the Plan. The $18bn-managing Maine Public Employees Retirement System has revealed $225m of new alternative investment fund commitments.
About the Debtors Cypress and its lenders worked together to ensure business continuity and normal operations for Cypresss customers and employees. Regrettably, our equity holders will lose their investment, including insiders (management, board, and individuals that control the general partner) who own ~ 76% of our equity (common and preferred units) and remain fully aligned with the minority unitholders. The Plan allows the Debtors to avoid a value-destructive, piecemeal liquidation and instead to continue as a going concern and to preserve hundreds of good paying jobs, including those of its inspector workforce. "Our partnership with Argonaut Private Equity lets us build on that strength while providing new resources for growth at a pivotal time. Cypress is a publicly traded company on the New York Stock Exchange (NYSE: CELP). The FLSA litigation impacting the entire inspection industry and its customers is unfortunate but was not unique to Cypress.
Sustainability-focused private equity house Ambienta has raced to a 1.55bn hard cap final close for its fourth flagship fundraise.
FABco fulfills its mission to improve the lives of all associated with the company through teamwork, stewardship and integrity.
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As previously reported, Cypress, with the support of its lenders, engaged Piper Sandler & Co. to solicit potential debt and equity investors to submit proposals to recapitalize Cypress in advance of the May 31, 2022 maturity date of Cypresss credit facility. hbspt.forms.create({ Argonaut will also provide a Debtor-In-Possession loan (the 'DIP Facility') to Cypress to fund operations, if necessary."
In a subsequently filed Schedule A/B, the lead Debtor noted $36.8mn of assets and $73.3mn of liabilities [Docket No. Cypress enjoyed its best year ever in 2019 prior to COVID and the collapse in energy prices.
For more information about the cookies we use, see our Privacy Policy. The Piper Sandler team did a thorough job, approaching approximately one hundred parties. These market events, the start of a global pandemic, and material litigation under the Fair Labor Standards Act (the FLSA) had a material adverse impact on the Debtors. TheDebtors engaged with Argonaut and discussed the various options available for Argonaut to acquire the Debtors assets, focusing on a stalking horse bidthat would establish a baseline value for the Debtors assets against which the Debtors could solicit higher or better offers from alternative buyers to be effectuated through a chapter 11 section 363 sale process or a chapter 11 plan of reorganization pursuant to which Argonaut would exchange its debt for the Debtors equity.
General Unsecured Claim shall receive its pro rata share of the $250k General Unsecured Claims Pool. Class 1 (Other Priority Claims) is unimpaired, deemed to accept and not entitled to vote on the Plan. 260]. Then in early April 2020 and again in June 2020, Saudi Arabia and Russia agreed to oil production cuts. HIG Capital has agreed a buyout of outsourced amusement arcade management business Family Entertainment Group. Steve Mitchell, Argonauts CEO and Managing Director, is a highly regarded successful investor and has been a friend for over a decade.
Service Provider to Energy and Municipal Water Industries Files Prepackaged Chapter 11 with $59.0mn of Funded Debt
On May 8, 2022, Cypress Environmental Partners, L.P. and 18 affiliated debtors (NYSE: CELP; together Cypress or the Debtors) filed for Chapter 11 protection (on a prepackaged basis) with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 22-90039 (Judge Isgur). The centerpiece of this prepackaged Plan is the transfer of the Debtors' equity to Argonaut Private Equity in exchange for the cancellation of @$59.0mn of debt owed in respect of the Debtors' Prepetition First Lien Credit Facility and which Argonaut had purchased on April 22, 2022 before entering into negotiations that resulted in a May 6th restructuring support agreement (see further below). Law360 provides the intelligence you need to remain an expert and beat the competition. holders of Intercompany Interests shall either have such interests (i) Reinstated for administrative convenience or (ii) extinguished without any recovery on account of such interests;
The Plan also provides for the following treatment of claims and interests: holders of Trade Claims will have such claims Reinstated or will be paid in full in Cash; ERP PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Class 9 (Section 510(b) Claims) is impaired, deemed to reject and not entitled to vote on the Plan. Class 5 (General Unsecured Claims) is impaired, deemed to reject and not entitled to vote on the Plan. Class 3 (Prepetition First Lien Credit Agreement Claims): 1 claim holder, representing $59,194,225.05 (100%) in amount and 100% in number, voted in favor of the Plan. European PE house IK Partners has agreed the sale of its stake in Linxis Group to NYSE-listed trade buyer Hillenbrand.
Cypresss board of directors and the lenders independently agreed with this recommendation. We plan to have Cypress emerge with a strong balance sheet that will position them for growth. . Argonaut has been interested in this industry for several years and we looked at several other acquisition opportunities over the years. abrdn, formerly known as Standard Life Aberdeen, is said to be looking to divest its 14bn-managing private equity unit as chief executive Stephen Bird is looking for further streamlining and restructuring.
The Debtors were represented by (i) Paul Hastings LLP as bankruptcy counsel (ii) FTI Consulting, Inc. as restructuring advisors, (iii) Piper Sandler & Co. as investment bankers and (iv) KCC as claims agent.
Further, Cypress would likely initiate the deregistration process with the Securities and Exchange Commission and, following completion of that process, its common units would no longer be publicly traded, and Cypresss public disclosure obligations would cease. 1. current Chief Executive Officer, Steven R. Mitchell, Oklahoma State Regents for Higher Education, CBI websites generally use certain cookies to enable better interactions with.
*Argonaut Private Equitywhich had submitted a bid during the Debtors prepetition sale process; with that bid (and others) rejected by the Debtors in consultation with the Former Lenders. Liquidation Analysis (Please see Exhibit C to the Disclosure Statement for notes) These factorscreated the perfect storm that forced the Debtors to commence these Chapter 11 Cases.
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197]. Goals of the Chapter 11 Filings AltAssets has been serving the global private equity industry for over a decade and has become established as a trusted source of independent news and views on the industry by thousands of professionals worldwide. . The firm's primary areas of focus include consumer electronics, energy, materials, telecom, drug discovery and delivery, medical devices, aviation, healthcare services, technology, manufacturing, and financial services.
Argonaut Private Equity, Having Recently Acquired Senior Debt from Deutsche Bank Led Syndicate, to Serve as Stalking Horse All of the equity interests in the General Partner are indirectly owned by Cypress Environmental Holdings, LLC (Holdings), a non-debtor. I want to thank our board of directors, who have been heavily engaged in helping us evaluate alternatives to recapitalize Cypress. 244] provides: The Plan represents a comprehensive restructuring that maximizes the value of the Debtors estates for the benefit of all stakeholders. The New York Stock Exchange continues to monitor trading in Cypresss common units for compliance with the NYSEs requirement of a $15 million market capitalization over 30 trading days; the failure to satisfy this requirement would result in immediate suspension and commencement of delisting procedures. Password (at least 8 characters required). "With an infusion of infrastructure investment on the horizon and the strength of the balance sheet, this company can really grow the way the Paul brothers always envisioned and we're excited to be part of it," he said.
In turn, CEP is the direct or indirect parent of all of the remaining Debtor entities, controlling (either directly or indirectly) 100 percent of the equity interests of all of the remaining Debtors except for Cypress Brown Integrity, LLC, of which CEP owns 51 percent.
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holders of Allowed Other Secured Claims, if any, will be paid in full in Cash, have such claims Reinstated, receive delivery of the collateral securing their claims, or otherwise be rendered Unimpaired; Try our Advanced Search for more refined results, Searching articles in Argonaut Private Equity
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Argonaut Private Equity has 4 funds, including Argonaut Private Equity Fund V. Argonaut Private Equity has 5 team members, including current Chief Executive Officer, Steven R. Mitchell. ,
When typing in this field, a list of search results will appear and be automatically updated as you type. Argonaut Private Equity has 14 portfolio exits. 2022 Hart Energy. Argonaut had been interested in the inspection industry for several years and cares deeply about our employees, customers, and community. All rights reserved.
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By continuing to use this site you are consenting to these choices. We are master limited partnership (MLP) that is controlled by a Cypress Environmental GP whos owners interests are fully aligned with our minority investors with management and insiders owning approximately 74% of CELP. The Debtors lead petition noted estimated assets of $97.0mn; and estimated liabilities of $62.4mn ($58.9mn of funded debt). Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. . Filing Date Highlights
Class 6 (Intercompany Claims) is impaired/unimpaired, deemed to accept/deemed to reject and not entitled to vote on the Plan. Field, and a company controlled by CELPs CEO, Peter Boylan. Rextag database of energy infrastructure assets, Argonaut Private Equity, a Tulsa, Oklahoma-based private equity firm announced today the final closing of, Kaisers Argonaut Private Equity acquired Pioneer Well Services, an oilfield services arm of Pioneer Natural Resourcesone of the, Oil Mogul George Kaiser Gets into Oilfield Services Duel with Pioneer Deal, Oil States Grows US Shale Service Offerings With Acquisition.
