By Akiko Matsuda

 

A bankruptcy judge on Friday approved a $5 million loan for Cypress Environmental Partners LP to fund the company's prepackaged chapter 11 reorganization process.

The pipeline inspection services provider based in Tulsa, Okla., filed for bankruptcy on May 8 with the U.S. Bankruptcy Court in Houston, Texas, after facing difficulties in refinancing a roughly $58 million loan maturing at the end of this month.

Cypress's senior secured lender, Argonaut Private Equity, has committed to issue the bankruptcy financing. The lender is set to take control of Cypress under a debt-to-equity swap deal, subject to approval by Judge Marvin Isgur.

 

Write to Akiko Matsuda at akiko.matsuda@wsj.com

 

(END) Dow Jones Newswires

May 13, 2022 17:59 ET (21:59 GMT)

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