CYPRESS ENVIRONMENTAL PARTNERS L.P. overview

Today, Cypress Environmental Partners, L.P. (NYSE: CELP) (“Cypress” or the “Company”) announced that it filed for Chapter 11 bankruptcy protection and reached a restructuring support agreement with its priority senior secured lender, an affiliate of Argonaut Private Equity (“Argonaut”), that is expected to clear approximately $58 million worth of debt. The petition was filed in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. Paul Hastings LLP is...

The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common units of Cypress Environmental Partners, L.P. (the “Company”) — ticker symbol CELP — from the NYSE. Trading in the Company’s common units will be suspended immediately. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D. The...

Today, Cypress Environmental Partners, L.P. (NYSE: CELP) (“Cypress” or the “Company”) announced the next step in its previously announced plan to pursue a court-supervised restructuring. On May 8, 2022, Cypress entered into a Restructuring Support Agreement (the “RSA”) with Argonaut Private Equity (“Argonaut”), a Tulsa-based private equity firm and the sole senior secured lender of the Company, pursuant to which Argonaut agreed to vote in favor of a joint pre-packaged plan of...

Today, Cypress Environmental Partners, L.P., (NYSE: CELP) (“Cypress”) reported that an affiliate of Argonaut Private Equity, which is headquartered in Tulsa, Oklahoma, has acquired 100% of Cypress’s senior secured debt from the seven existing lenders. 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...

Today, Cypress Environmental Partners, L.P., (NYSE: CELP) (“Cypress”) reported its financial results for the three months and year ended December 31, 2021. FINANCING Cypress continues to work with Deutsche Bank AG, its credit facility Administrative Agent, Lead Arranger and Bookrunner, and the six other banks (“Lenders”) and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. Because the credit agreement matures within one year, the financial...

Today, Cypress Environmental Partners, L.P., (NYSE: CELP) (“Cypress”) reported that it has filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the late filing of its Annual Report on Form 10-K (“Form 10-K”). Cypress expects to file the Form 10-K on or before April 15, 2022. Cypress continues to work with its lenders and their financial and legal advisors regarding the credit agreement that matures on May 31, 2022. As disclosed in Cypress’s most recent...