Cobra Acquisitions LLC Announces Approval of Settlement Agreement by Title III Court
Mammoth Energy Services, Inc. (TUSK)
Last mammoth energy services, inc. earnings: 2/27 04:01 pm
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Source: PR Newswire
PREPA Required to Pay Cobra $150 Million within Ten Business DaysOKLAHOMA CITY, Sept. 19, 2024 /PRNewswire/ -- Cobra Acquisitions LLC ("Cobra"), a wholly owned subsidiary of Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK), today announced that the previously disclosed Settlement Agreement with the Puerto Rico Electric Power Authority ("PREPA") was approved by the Title III Court at the omnibus hearing held on September 18, 2024.Under the terms of the Settlement Agreement, which was approved by Judge Laura Taylor Swain, Cobra will receive total settlement proceeds of $188.4 million. Additionally, PREPA is required to pay Cobra $150 million within ten business days of the September 18th hearing. The remaining $38.4 million, of which $18.4 million relates to funds PREPA has received from the Federal Emergency Management Agency ("FEMA") but are currently withholding, are to be paid out according to the terms of the Settlement Agreement, which can be found below.A
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TUSK
Sec Filings
- 11/22/24 - Form 4
- 11/15/24 - Form 4
- 11/13/24 - Form SC
- TUSK's page on the SEC website