CELP - CELP STOCK NEWS

Cypress Environmental Partners, L.P. (NYSE:CELP) announced its court-supervised restructuring plan under Chapter 11, following a Restructuring Support Agreement with Argonaut Private Equity. The plan involves a debt-to-equity recapitalization, where Argonaut will receive 100% of the new equity interests of the reorganized company in exchange for cancelling existing debts totaling $58.1 million. Following the restructuring, Cypress anticipates its common units will have no value, leading to a likely delisting from the NYSE. The reorganization aims to preserve jobs and provide a stable growth platform.

Cypress Environmental Partners, L.P. (NYSE: CELP) announced that Argonaut Private Equity acquired 100% of its senior secured debt from existing lenders. This comes as Cypress prepares for a court-supervised restructuring ahead of its credit facility maturity on May 31, 2022. The NYSE is monitoring Cypress for compliance with a $15 million market cap requirement, with a potential delisting looming. The restructuring may render common and preferred equity worthless due to $58.1 million in secured debt. CEO Peter C. Boylan III acknowledged the challenges faced due to the pandemic and litigation costs.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported disappointing financial results for Q4 2021, with a net loss of $4.1 million and adjusted EBITDA of -$0.3 million. The company faces significant operational challenges, including a credit agreement uncertainty due to substantial doubt about its ability to continue as a going concern. Cypress is negotiating with lenders for recapitalization options and has engaged Piper Sandler to explore investor proposals. Litigation costs related to Fair Labor Standards Act claims and a recent settlement involving over 60 plaintiffs further strain resources.

Cypress Environmental Partners, L.P. (NYSE: CELP) announced a late filing of its Annual Report on Form 10-K, expected by April 15, 2022. The company is in discussions with lenders regarding a credit agreement maturing on May 31, 2022. Lack of a credit facility beyond this date may raise substantial doubt about its viability as a going concern. Cypress is negotiating possible restructuring options and has received proposals to solicit investors for recapitalization. The NYSE is monitoring CELP for compliance, with potential delisting risks if market capitalization falls below $15 million.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported third-quarter 2021 financial results. Revenue reached $32.4 million, up 6% from Q2 2021, while gross margin increased 5% to $4.3 million. However, the company experienced a loss per unit of $(0.33) and adjusted EBITDA of $0.5 million. Common and preferred unit distributions remain suspended as the company focuses on debt reduction. The discontinuation of its Pipeline & Process Services segment is aimed at addressing structural losses. Future growth opportunities are anticipated in energy and new markets, bolstered by regulatory changes enhancing pipeline safety.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported a consolidated revenue of $31.9 million for Q2 2021, up 18% from Q1 2021, with a gross margin increase of 52% to $4.4 million. However, the company reported a net loss of $2.9 million and adjusted EBITDA of $0.5 million. Distributable cash flow was negative at ($1.4 million). Common and preferred unit distributions remain suspended as Cypress focuses on debt reduction. The company continues to pursue new business opportunities despite challenges presented by COVID-19.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported a net loss of $3.7 million for Q1 2021, a significant increase from $1.8 million in Q1 2020. The company's adjusted EBITDA was ($0.8 million) and distributable cash flow stood at ($3.1 million). Despite these challenges, Cypress reduced debt by $20.2 million and saw some growth in the inspection services segment. However, distributions remain suspended as the company focuses on debt reduction. The CEO noted the ongoing impact of COVID-19 and emphasized efforts to diversify inspection services into new markets.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported fourth quarter 2020 financial results with a net loss of $1.9 million, a significant drop from a $3.2 million profit in Q4 2019. Fourth quarter Adjusted EBITDA fell 59% to $1.5 million due to ongoing COVID-19 impacts. Despite increased cash balances of $17.9 million, the amended credit facility restricts distributions. The company plans to focus on debt reduction while pursuing new contracts in various industries. The Inspection Services segment saw revenue decline to $32.4 million amid market challenges.

Cypress Environmental Partners, L.P. (NYSE: CELP) reported its financial results for Q3 2020, highlighting an adjusted EBITDA of $3.6 million, up 16% from Q2 2020. However, the company faced a net loss of $0.5 million and continued its suspension of common unit distributions. Key segments showed mixed results: Pipeline Inspection Services gross margin increased by 15% to $5.1 million, while Pipeline & Process Services gross margin fell by 38% to $1.3 million. The company maintained a net debt leverage ratio of 3.0x and made cost reductions totaling over $4.5 million annually.