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conditions described in the agreement. Upon
completion of the transaction, the company
intends to enter into a new revolving exit
facility on terms acceptable to the consenting
creditors to provide working capital to
support operations.
FTS INTERNATIONAL, August 24, 2020
Eureka Resources’ solution

to oil and gas wastewater

DOWNSTREAM 64% of the company’s secured debt claims. awarded US patent
The agreement outlines a comprehensive
Superior Plus announces restructuring that will deleverage the Eureka Resources has been awarded a US
company’s balance sheet by $437.3mn and
patent for its ground-breaking approach to
$159mn acquisition provide it with the financial flexibility to cleansing and recycling wastewater from oil
deliver results-oriented and innovative
and gas operations.
expanding its US propane well completion solutions to its customers. can use from 1.5 million gallons to 16 million
Hydraulically fractured oil and gas wells
Importantly, the agreement contemplates
distribution business in the that the company’s vendors, suppliers, and gallons of water, creating a wastewater
customers will remain unaffected by the
stream that is typically disposed of through
Northeast US transaction. injection into deep wells. Eureka Resources’
Michael Doss, chief executive officer,
recent patent was awarded for its proprietary
Superior Plus is pleased to announce that one commented: “In recent months, we have technology that can remove hundreds of types
of its wholly-owned subsidiaries has entered worked diligently to cut costs and preserve of impurities from oil and gas wastewater,
into an agreement to acquire the assets of a liquidity under circumstances few people isolate recyclable minerals and generate
retail propane and heating oil distribution could have predicted. I am extremely pleased clean water so pure it can be returned to the
company based in New Hampshire, operating to announce this consensual deal with our hydrologic cycle.
under the tradename, Rymes Propane Secured Noteholders which guarantees “We partner with oil and gas producers to
and Oil for an aggregate purchase price of that we will remain a strong partner to our provide an environmentally friendlier solution
approximately $159mn (CAD210mn) before customers and suppliers going forward.” Mr. for their fracking effluent and a cost-effective
adjustments for working capital. Superior Doss continued, “We could not have reached means to achieve CRSD Certification. This,
anticipates drawing on its credit facility to this agreement without the support of our our third patent, will help accelerate our
fund the amount of the purchase price due on lenders, employees, customers, and suppliers expansion to other oil and gas plays across
closing. and I thank you for that.” the country,” said Daniel Ertel, Eureka’s
The acquisition, which is subject to To implement the restructuring, the chief executive officer. “Not only does our
customary regulatory and commercial company and its subsidiaries, including FTS process avoid the underground disposal of
closing conditions, is anticipated to close by International Services, and FTS International contaminated water, it generates pure water
September 30, 2020. Manufacturing, will commence voluntary that can be used to restore wetlands, replenish
SUPERIOR PLUS, August 25, 2020 cases under Chapter 11 of the US Bankruptcy depleted waterways or be reused by the oil
Code and file a pre-packaged Chapter 11 and gas industry to reduce their draw from
plan of reorganisation in the coming weeks. freshwater sources.”
SERVICES The agreement provides that holders of the In addition to creating pure water, Eureka’s
Secured Notes and lenders under the Term process extracts minerals, such as lithium, salt
FTS International announces Loan will exchange their debt claims for and calcium chloride, from the wastewater.
The company purifies its extracted minerals to
$30.6mn in cash consideration and 90.1%
agreement with majority of the equity of a reorganised FTSI. Existing exacting standards and markets them to third
parties.
holders of FTSI equity will receive the
of its secured debtholders remaining 9.9% of the equity. Additionally, the producers based in the US, so we can help
“We are one of only a few lithium
consenting creditor parties to the agreement
on restructuring support have agreed to allow the company to use America’s lithium battery producers avoid
existing cash to fund the Chapter 11 cases
imports for a more-stable supply chain,” Mr.
agreement to convert over and continue operations in the ordinary Ertel added.
The company has been operating under
course, thereby preserving critical value for
$400mn of debt to equity all stakeholders. The company’s cash balance permits administered by the Pennsylvania
Department of Environmental Protection
was $192.7mn as of August 20, 2020. Upon
FTS International today announced that execution of the agreement, consenting since 2008, in compliance with US EPA
it has entered into a restructuring support creditors will also receive a cash payment regulations.
agreement with approximately 75% of the equal to 3% of the principal amount of EUREKA RESOURCES, August 24, 2020
holders of the company’s 6.250% senior secured debt claims held by the applicable
secured notes due 2022 and approximately consenting creditor, subject to the terms and

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