Bankruptcy/Chapter 11 / Bonds
Green Field Energy Services Chapter 11 Petition Filed
Green Field Energy Services and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 13-12783. The Company, which provides hydraulic fracturing and well services, is represented by Josef S. Athanas of Latham & Watkins and Michael R. Nestor of Young Conaway Stargatt & Taylor. According to documents filed with the Court, “Due to the competitive advantages of the turbine-powered hydraulic fracturing technology utilized by the Debtors, the Debtors greatly expanded their hydraulic fracturing operations and capabilities….Unfortunately, market conditions changed for the worse shortly after the Debtors made this shift in focus. As a result the Debtors’ customer base became more and more concentrated….This severely reduced the revenues generated by the Debtors’ business and has resulted in a need for reorganization of the Debtors’ debt structure.” Green Field Energy Services explains that the Company engaged in extensive pre-petition restructuring negotiations with key constituents, including Shell, certain holders of its 2016 Senior Secured Notes and the indenture trustee. The Company further states, “The Debtors and their key constituents will continue those discussions and hope to negotiate the terms of a comprehensive restructuring that maximizes the value of the Debtors’ estates for the benefit of their creditors following the Petition Date.”
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