Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Cypress Environmental Files Bankruptcy, Argonaut Set to Take Over

May 9, 2022, 5:43 PM

Cypress Environmental Partners LP filed for Chapter 11 bankruptcy, outlining plans to have creditor Argonaut Private Equity take control in exchange for forgiving $58 million of secured debt.

Cypress filed its “pre-packaged” case Sunday after having previously negotiated restructuring terms with creditors. The Tulsa, Okla.-based company, which provides pipeline and infrastructure inspection and testing to utility and energy companies, plans to quickly wrap up transferring its equity to Argonaut through proceedings initiated in the U.S. Bankruptcy Court for the Southern District of Texas.

“Cypress will emerge as a strong, reorganized company with no debt that is focused on serving our ...