Frontera Holdings Files for Chapter 11 in Southern Texas Court

Frontera Holdings has filed for Chapter 11 the U.S. Bankruptcy Court for the Southern District of Texas, according to a statement.

• Company has entered into a restructuring support agreement with approximately 97% of its term loan lenders, all of its note-holders, and its 100% equity holder cut debt by $800m
  • Through this, most of the company’s debt will be converted into equity and the current term loan and revolving credit facility lenders will become the new owners of the company
• Estimated liabilities are $1b-$10b, according to a seperate court filing
  • Estimated assets are $100m-$500m
• Throughout this process and beyond, ...