Cobra Acquisitions Says Title III Court Approves Settlement Agreement With PREPA

(RTTNews) - Cobra Acquisitions LLC, a wholly owned subsidiary of Mammoth Energy Services, Inc. (TUSK), announced Thursday that the previously disclosed Settlement Agreement with the Puerto Rico Electric Power Authority or 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 18 hearing. The remaining $38.4 million, of which $18.4 million relates to funds PREPA has received from the Federal Emergency Management Agency but are currently withholding, are to be paid out according to the terms of the Settlement Agreement.