MAMMOTH ENERGY SERVICES, INC. (TUSK): restructuring charge — Mammoth Energy settles PREPA dispute for $170M + $18.4M; records $170.7M impairment

MAMMOTH ENERGY SERVICES, INC.

Receivable from PREPA was ~$359.1M; settlement yields $170M allowed claim plus $18.4M in withheld FEMA funds.
Payment schedule: $150M after court approval (expected Aug/Sep 2024); $20M upon PREPA plan effective date; $18.4M after appeal deadline.
Company records non-cash pre-tax impairment charge of ~$170.7M in Q2 2024.
Company to use proceeds to pay off ~$49.3M outstanding under Wexford credit facility and terminate it.
Settlement subject to Title III Court approval; hearing expected August or September 2024.

item 1.01 item 2.04 item 2.06

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MAMMOTH ENERGY SERVICES, INC. announced a impairment with charges of approximately $170.7 million.

Type: impairment
Charge: approximately $170.7 million

Exact text from the filing

As a result of the Settlement Agreement, the Company will record a non-cash, pre-tax charge of approximately $170.7 million in the second quarter of 2024 to reduce its accounts receivable balance from PREPA to the amount expected to be received from the Settlement Agreement.

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Source: SEC EDGAR

accession 0001679268-24-000057

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