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C&J Fights to Stay Afloat; Enters Forbearance Deal with Lenders
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C&J Energy Services Ltd. announced that, in connection with ongoing discussions with the lenders under its credit facilities, it has entered into a forbearance agreement with respect to the previously announced covenant violation, as well as with respect to the payment of interest and certain fees under the credit facilities.
As previously reported in connection with the release of its first quarter 2016 results, the Company previously obtained a temporary limited waiver agreement from its lending group in respect of its violation of the quarterly minimum cumulative consolidated Bank EBITDA covenant required to be tested at March 31, 2016, effective from March 31, 2016 through May 31, 2016. Pursuant to the forbearance agreement, the lenders have agreed to forbear from exercising default…
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