Subsequent Events

6 Months Ended

Jun. 30, 2017

12.	Subsequent Events

In July 2017, the Company satisfied certain post-closing conditions of the New Credit Agreement and received additional proceeds of $12,349 from the Wilks. As of July 27, 2017, the outstanding principal balance of the New Credit Agreement was $65,000.

On July 21, 2017, the Company entered into a Share Purchase Agreement to sell our Russian proppant business for $22,000. The transaction is subject to local regulatory approval and is expected to close during the third quarter of 2017. The net book value of net assets held by our Russian proppant business is $16,113 as of June 30, 2017. The Company also has recorded a cumulative translation adjustment loss of $33,649 as a reduction of shareholders’ equity as of June 30, 2017. Given the terms of the agreement involve the sale of our Russian proppant business, we anticipate reclassifying this amount out of accumulated other comprehensive loss and into earnings upon the close of the transaction during the third quarter. The exact amount of the loss recorded on this transaction will depend on foreign exchange rates on the date of close.