Southcross Holdings LP,an owner and operator of gathering and fractionation assets in the midstream energy sector, has consummated its pre-packaged plan of reorganization (POR) and emerged from bankruptcy protection. Holdings commenced voluntary cases under chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas on March 27, 2016. The bankruptcy court confirmed the POR on April 11, 2016.
Among other things, the POR eliminated nearly $700 million of funded debt and preferred equity obligations of holdings, and provided for a new equity investment from certain of its existing equity holders.
Southcross Holdings LP, through its subsidiary Southcross Holdings Borrower LP, owns 100% of Southcross Energy Partners GP LLC, the general partner of Southcross, as well as a portion of Southcross’ common units, and all of Southcross’ subordinated units and Class B convertible units. Holdings also owns natural gas gathering and treating assets as well as NGL pipelines and fractionation facilities in South Texas.