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Unimin and Wedron Silica owner reorganizing in bankruptcy court

By Billy Thompson Jul 6, 2020 | 7:36 AM

Covia Holdings intends to keep paying wages while it reorganizes in bankruptcy court. The company’s court filings last week say its biggest creditors will get a stake in the company.

Already feeling financial pressure because of a drooping energy market, Covia idled the Unimin mine in Utica earlier this year and has idled other operations since late last year. Covia CEO Richard Navarre says the effects of the pandemic on Covia and its customers have made the financial pressures stronger. But he says the reorganization will help it become a much stronger company.

Covia also owns Wedron Silica, Technisand in Troy Grove, and other operations related to sand mining. The sand is used in hydraulic fracturing, which hasn’t been as lucrative as it once was because of low prices for oil obtained in the traditional way.