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OFS - Covia enters bankruptcy with rival Hi-Crush likely to follow - July 2020
Covia filed for Chapter 11 bankruptcy reorganization on June 29, the latest of several dark days for the depressed proppant sector. Hi-Crush Inc., an early mover into mining West Texas for frac sand, expects to enter bankruptcy after defaulting on its asset-based loan facility. Another frac sand provider, Vista Proppants and Logistics, entered Chapter 11 in early June (PG.9). Covia, which is based in Independence, Ohio, said it has reached a prepackaged deal that......
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