Cypress Environmental Secures Approval for Ch. 11 Regime Debt Swap

By Rick Archer (June 21, 2022, 8:04 p.m. EDT) – A Texas bankruptcy court judge on Tuesday approved the Chapter 11 plan for the energy industry inspection service of Cypress Environmental Partners, recently revised to free up more cash for unsecured creditors.

US Bankruptcy Judge Marvin Isgur approved the plan in a hearing where he was told all objections had been resolved or adjourned and the company’s new shareholders had agreed to help fund bankruptcy liquidation, instead of expenses arising from a fund for unsecured creditors.

The debtor and 17 affiliates filed their cases last month, saying they had the support of holders of…

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