Hi-Crush Reportedly expected to file for Chapter 11 bankruptcy
Have you suffered investment losses in Hi-Crush? If so, the securities attorneys at The White Law Group may be able to help you recover your losses by filing a complaint against the brokerage firm that sold you the investment.
Hi-Crush, Inc. engages in the production of monocrystalline sand. It owns, operates, and develops sand reserves and related excavation as well as processing facilities, according to MarketWatch.
After a deep decline in oil prices during the COVID-19 global pandemic, Hi-Crush (NYSE:HCR) notes after its Q1 earnings report that it expects to file for Chapter 11 bankruptcy. The company reportedly says it was in default under the ABL credit facility due effective June 22, to its failure to be in compliance with the springing fixed charge coverage ratio financial covenant.
Hi-Crush also reportedly entered into a forbearance agreement with the lenders under the ABL credit facility. The company notes it is in negotiations with holders of its 9.50% senior unsecured notes due 2026 and its lenders on terms and conditions of a prearranged bankruptcy.
According to MarketWatch, Hi-Crush share price is down -77.91% YTD.
Filing a Complaint against your Brokerage Firm
Broker dealers are required to perform adequate due diligence on all investment recommendations to ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience. If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses.
The White Law Group is investigating securities claims involving broker dealers who may have unsuitably recommended Hi-Crush to investors.
To determine whether you may be able to recover investment losses in Hi-Crush, please contact The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm works on a contingency fee basis and may be able to represent you in a complaint against your brokerage firm.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.