Hi-Crush (OTCPK:HCRSQ) says it completed its financial restructuring and has emerged from Chapter 11 bankruptcy, eliminating $450M of debt from its balance sheet and more than $76M of annual interest expense and lease payment obligations.

All existing common shares are canceled, and the company issued more than 9.38M new shares to holders of allowed claims arising under the pre-petition notes.

A new board was appointed, including Robert Rasmus, who will remain as CEO.

Hi-Crush filed for Chapter 11 in July.


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