Glass Mountain Announces Restructuring Support Agreement With Over Two-Thirds Of Lenders To Complete Global Balance Sheet Restructuring

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DALLAS – (COMMERCIAL THREAD) – Glass Mountain Pipeline Holdings LLC (the “Society” Where “Glass mountain“) announced today that with the support of its sponsor GEPIF Glass Mountain Pipeline LLC (the”Sponsor“) and lenders holding 66.97% of the Company’s revolving and term loans (the”Willing lenders“), it entered into a restructuring support agreement (the”RSAWhich provides for the elimination of over $ 230 million of debt from the Company’s balance sheet and an investment of $ 45 million from the Limited Partner. Pursuant to the RSA, the lenders will receive their pro rata share of (i) a senior term loan facility of $ 69,177,939.86 (the “New term loan facility“) issued by a new borrowing entity (the”New borrower“) which will be the direct parent company of Glass Mountain and Navigator Panhandle HoldCo LLC, and (ii) a cash payment of $ 44,038,698.89. The New Term Loan Facility will be secured by pledging the existing loans and a first-rank pledge of the holdings of the New Borrower, its direct subsidiaries and each guarantor.

The Company and its advisors continue to work with the Company’s lenders to obtain 100% transaction support so that the RSA can be effected out of court in October 2021. To the extent that this threshold cannot be met , the parties to the RSA have already agreed to a pre-arranged reorganization plan under Chapter 11 of the United States Bankruptcy Code. While the Company expects to receive 100% support from its lenders, the Company anticipates that the Chapter 11 plan, under which all general unsecured claims would be intact and paid in full, would be confirmed and consummated quickly and efficiently. The Company does not anticipate any changes in its day-to-day operations or in the services it provides to its clients throughout this process.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Gray Reed & McGraw LLP are legal advisers to the company and PJT Partners LP is the investment banker of the company.

Akin Gump Strauss Hauer & Feld LLP acts as legal advisor and Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. act as financial advisers to an ad hoc group of willing lenders.

About Glass Mountain

Glass Mountain owns and operates a fully integrated pipeline system in the Anadarko area of ​​Oklahoma and provides comprehensive services to oil producers, including the collection, transportation and storage of crude oil. Glass Mountain is headquartered in Dallas, Texas.

Forward-looking statements

Statements contained in this press release which express any belief, expectation or intention, as well as those which are not historical facts, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. . These forward-looking statements are based on our current beliefs, intentions and expectations. All statements that express or involve discussions regarding expectations, beliefs, plans, objectives, assumptions, future events or performance are not historical facts and may be forward-looking and, therefore, such statements involve estimates, assumptions and uncertainties, which could cause actual results to differ materially from those expressed in these forward-looking statements. Our actual results, performance or achievements could differ materially from those expressed in the foregoing discussion due to various factors, including general economic and business conditions and industry trends, price levels and volatility of the oil and gas, continued demand for drilling or production services in the geographic areas in which we operate, the competitive nature of our business, technological advancements and trends in our industry, the loss of one or more of our major customers or a decrease in their demand for our services, the fulfillment of commitments under debt agreements, the continued availability of qualified personnel, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, and changes, or our failure or inability to comply with regulations government. These factors are not necessarily all of the important factors that could affect us. Other unforeseeable or unknown factors could also have a material adverse effect on the actual results of the matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date they are made and we assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events. or otherwise. We advise readers to recognize that important factors not mentioned above could affect the accuracy of our forward-looking statements and to use caution and common sense when reviewing our forward-looking statements.


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