CARBO Ceramics Inc. has emerged from Chapter 11 bankruptcy protection. This marks the successful and expeditious completion of CARBO’s financial restructuring process along with the implementation of the company’s Plan of Reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on June 18.
CARBO has bolstered its balance sheet by significantly reducing its debt and certain lease liabilities, providing a solid foundation as the company moves forward under the ownership of Wilks Brothers LLC.
“This successful financial restructuring positions the company to navigate the ever-changing business environment from a place of strength while continuing to deliver value for our clients and partners,” said Justin Wilks, senior vice president of the Wilks Brothers. “We look forward to maximizing CARBO’s potential and unlocking opportunities for strategic growth.”
In connection with the emergence, Don Conkle has been promoted to chief executive officer of CARBO. Conkle joined the company in 2012 as the vice president of sales and marketing and has 34 years of leadership and industry experience.
“This is a pivotal milestone and the start of a promising new chapter for CARBO,” said Conkle. “We began our restructuring process with the clear goal of strengthening our capital structure to best position CARBO to succeed in the future – which we have accomplished. We are grateful to our employees, clients and vendors who supported us through this process and now set our eyes on future growth with a common goal across the organization to deliver uncompromising quality products and services for our clients.”