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MADISON, Wis. (AP) – An industry expert says the impending bankruptcy of a major mining company is revealing the financial difficulties that could cripple more mines in Wisconsin due to an oversupply of sand in the country.
Wisconsin Public Radio reports that Emerge Energy Services has entered into a debt restructuring agreement with its lenders last month. The company owns Superior Silica Sands.
CEO Rick Shearer said the restructuring negotiations were underway. The company may declare bankruptcy if a by-law is not canceled.
IHS energy consultant Markit says 75% of Wisconsin's mines, which supply oil and gas producers, may have to close. Samir Nangia explained that the excess supply was due to companies that were building more mines near oil fields in Texas and Oklahoma.
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Information from: Wisconsin Public Radio, http://www.wpr.org
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