U.S.-based frac sand and industrial minerals producer Covia Holdings Corp. filed voluntary petitions for restructuring under Chapter 11 of the U.S. Bankruptcy Code. The filing precedes Covia's entry into a restructuring support agreement with its lenders, which will involve a comprehensive restructuring of the company's debt. S&P Global Ratings is lowering its issuer credit rating on the company to 'D' from 'CCC+'. We are also lowering our ratings on Covia's $1.65 billion senior secured term loan due 2025 to 'D' from 'CCC+'. The rating action follows Covia's announcement that its domestic subsidiaries have filed voluntary petitions for restructuring under Chapter 11 of the U.S. Bankruptcy Code. Against the backdrop of energy price shocks and the recession caused by the global
