Frac sand giant Covia files for bankruptcy protection amid Covid-19, oil price slump

摘要

Frac sand giant Covia is the latest miner to file for Chapter 11 bankruptcy, citing the effects of Covid-19, as the oil price rout undermines frac sand demand. The news that Covia, one of the newest and largest frac sand miners, has been forced to petition for bankruptcy protection marks a major turning point for a frac sand market that has seen constant swings from boom to bust over the past few years. Covia filed for Chapter 11 bankruptcy in federal court in the Southern District of Texas on June 29, with a proposal to hand ownership to debt holders.