Hi-Crush, Yet Another Frac Sand Co., Files for Ch. 11 Bankruptcy

Hi-Crush Inc., a frac sand company headquartered in Houston, TX, has filed for Chapter 11 bankruptcy protection. Hi-Crush provides frac sand/proppants to a number of shale plays across the country, including the Marcellus/Utica. In its filing, the company seeks to convert $450 million of its $699 million of debt into equity (shares of stock), diluting existing shares for existing stockholders. As is typical, existing shareholders get the short end of the stick.

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