Vista Proppants and Logistics Files to Reorganize Under Chapter 11

FORT WORTH, Texas, June 10, 2020 /PRNewswire/ -- Vista Proppants and Logistics, LLC and its subsidiaries (collectively, "Vista" or the "Company"), announced today that they have commenced cases for a voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division. The Company intends to use the reorganization cases to restructure debt from its balance sheet, substantially deleveraging Vista's capital structure and positioning the Company for long-term success given the current significantly depressed industry environment. The Company currently estimates that it will emerge from the Chapter 11 reorganization within approximately 120 days, and fully expects to operate as normal when the oil and gas industry rebounds.

The Company also announced it has secured an $11 million debtor-in-possession credit facility (the "DIP Facility") from the Company's senior lenders to finance the costs and limited business operations during the restructuring process, including meeting obligations to employees, vendors and other constituencies. The Company's senior lenders are fully-supportive of the bankruptcy filings and expect to sponsor a plan of reorganization with Vista to facilitate a prompt exit from Chapter 11.

Chief Financial Officer Kristin Whitley Smith commented: "Today's Chapter 11 filings represent a significant milestone in our financial restructuring process to significantly strengthen our financial condition by reducing debt, enhancing liquidity and best positioning our Company to weather the storm and proactively respond when the market begins to recover. After thoroughly evaluating our options and strategic alternatives with our advisors and Board of Directors, we are confident that this is the best path forward for Vista and our stakeholders. During the reorganization proceeding, we will continue with limited day-to-day operations until an industry rebound, and we will maintain ample liquidity and resources to support our business. We appreciate the continued, strong support demonstrated by our lenders, which should enable us to move quickly and smoothly through the restructuring process and emerge as a stronger long-term competitor."

The voluntary chapter 11 petitions were filed in the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division. The Company has retained Alvarez & Marsal North America, LLC as its Chief Restructuring Officer and Haynes and Boone, LLP as its bankruptcy counsel.

For more information about the Chapter 11 cases, including access to court documents, please visit:

About Vista Proppants and Logistics

Vista is a leading in-basin provider of frac sand solutions for oil and gas well completions in the most active oil and gas regions of the United States, including the Permian Basin and Eagle Ford Shale. The Company offers leading E&P and oilfield service companies high-quality sand that is most in demand in these basins with the cost advantages of a regional provider. Headquartered in Fort Worth, Texas, Vista's vertically integrated logistics network of transload terminals throughout Texas provides its customers the benefit of frac sand supply chain solutions and assured security of supply.

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