Cobra Acquisitions Secures $188.4 Million Settlement Approval
Cobra Acquisitions Secures $188.4 Million Settlement Approval
Cobra Acquisitions LLC, a fully owned subsidiary of Mammoth Energy Services, Inc. (NASDAQ: TUSK), recently celebrated a significant legal victory. The Title III Court has officially approved a Settlement Agreement with the Puerto Rico Electric Power Authority (PREPA), enabling Cobra to collect a total of $188.4 million in settlement proceeds.
Settlement Details
This landmark decision means PREPA is mandated to pay Cobra $150 million within ten business days of the court's approval. The remaining balance of $38.4 million, which includes $18.4 million from the Federal Emergency Management Agency (FEMA), will eventually be disbursed according to the outlined terms in the Settlement Agreement.
Comments from Leadership
Arty Straehla, the CEO of Mammoth Energy Services, expressed satisfaction with the court's ruling, stating, "This approval is a positive outcome, and we look forward to receiving the funds owed to us for work completed years ago. The initial payment will bolster our financial position significantly, allowing us to settle outstanding credit obligations and strengthen our balance sheet."
Payment Structure of the Settlement
The Settlement Agreement stipulates that the total proceeds will be paid to Cobra through a series of installments:
- $150 million within ten business days post-approval.
- $20 million within seven days after PREPA’s plan of adjustment is effective.
- $18.4 million from withheld FEMA funds, payable following specific conditions related to any appeals from the municipalities in question.
About Mammoth Energy Services
Mammoth Energy Services is an integrated energy services company that focuses on North American onshore unconventional oil and natural gas reserves. The company is dedicated to providing essential products and services that facilitate exploration, development, and the construction and repair of electrical grid infrastructure across the region. Their service offerings include well completion, infrastructure, natural sand and proppant services, drilling services, and other energy-related solutions.
Contact Information
For further inquiries, Mark Layton, CFO of Mammoth Energy Services, is available for contact. The company encourages anyone seeking more information to reach out directly.
Frequently Asked Questions
What is the total amount Cobra is set to receive from the settlement?
Cobra is set to receive a total of $188.4 million from the approved Settlement Agreement with PREPA.
When is the first payment expected?
The first payment of $150 million is expected within ten business days following the court’s approval of the settlement.
What is the purpose of the settlement funds for Cobra?
The funds will be used to pay off outstanding amounts under their term credit facility, along with accrued interest, ultimately terminating the facility.
Who is the current CEO of Mammoth Energy Services?
Arty Straehla is the current Chief Executive Officer of Mammoth Energy Services and has expressed optimism regarding the settlement outcomes.
What services does Mammoth Energy Services provide?
Mammoth Energy Services offers a range of services including well completion, infrastructure development, and energy services focused on oil and natural gas reserves.
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