Glass Mountain Pipeline Holdings LLC is contemplating filing for bankruptcy, as of October 1, 2021. The Company announced that with the support of its equity sponsor GEPIF Glass Mountain Pipeline LLC and lenders holding 66.97% of the Company's revolving and term loans, it has entered into a Restructuring Support Agreement that provides for the elimination of over $230 million in debt and a $45 million investment from the Sponsor. The Company and its advisors continue to work with the Company's lenders to gain 100% support of the transaction such that the RSA can be effectuated on an out-of-court basis in October 2021.

If the threshold cannot be achieved the parties to the RSA have already agreed to a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company anticipates that the chapter 11 plan, pursuant to which all general unsecured claims would be unimpaired and paid in full, would be confirmed and consummated quickly and efficiently. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Gray Reed & McGraw LLP are serving as legal counsel to the Company and PJT Partners LP is serving as the Company's investment banker.

Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel and Perella Weinberg Partners L.P. and Tudor, Pickering, Holt & Co. are serving as financial advisors to an ad hoc group of Consenting Lenders.