Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Deals - Acquisition, Mergers, Divestitures | Capital Markets
Amid Bankruptcy, Gasfrac Finds Buyer
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GASFRAC Energy Services Inc. has announced that GASFRAC has entered into a definitive asset purchase agreement in respect of the sale of substantially all of its assets and related technology to a third party oil and natural gas service industry purchaser.
The Sale Transaction resulted from the previously announced court-approved sale and investment solicitation process conducted within the Companies Creditor's Arrangement Act (CCAA) and Chapter 15 of the United States Bankruptcy Code proceedings, under the supervision of Ernst & Young Inc., the court appointed monitor and the Special Committee of the Corporation. Until the Sale Transaction is completed, GASFRAC will continue to operate its business under the supervision of its board of directors and the Monitor.
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