Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit

FTS International Exits Bankruptcy

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Friday,November 20,2020

FTS International, Inc. has successfully completed its restructuring and has emerged from bankruptcy.

FTS expects to have approximately $90 million cash on hand and has entered into a new $40 million asset-based revolving credit facility with Wells Fargo Bank, N.A., as administrative agent and lender, to support working capital needs.

Michael Doss, Chief Executive Officer, commented, "Today is an important day for FTSI. We have quickly and efficiently completed our financial restructuring and emerge with sufficient cash and revolving credit capacity to deploy stacked fleets, invest in new technology, rebuild working capital and create long-term value for our stakeholders.

"FTSI is a leader in the pressure pumping space and with the entire organization focused on enhancing the value proposition to our customers, we will continue to set records in operational performance and attract new customer relationships. Our team and our pressure pumping fleet are well-positioned to quickly take advantage of increased customer demand as the world returns to a more normalized environment. I would like to express my gratitude to all of our employees for their dedication during this process, and thank our customers, vendors, and service providers for their continued cooperation and support.

"The new owners, which include Amundi Pioneer Asset Management, Glendon Capital Management, Wexford Capital, and the Wilks Brothers, have deep industry experience, and understand the value of FTSI and the proposition to our customers and the industry," continued Mr. Doss. "We expect them to be active partners, who are strongly committed to supporting our company. The proactive transaction agreed to by our equity and debt holders enhances value for all stakeholders and solidifies the company's prospects for the future-I am proud that FTSI now has one of the cleanest balance sheets of any public, pure-play pressure pumping company."

Equity & NYSE Listing

At emergence, approximately 13,687,620 shares of new Class A common stock are outstanding, with 49 million shares authorized at emergence.

Shares of the Company's new Class A common stock will commence trading on the NYSE American under the ticker symbol "FTSI" on November 20, 2020.


Kirkland & Ellis LLP and Winston & Strawn LLP acted as legal advisors, Lazard Frres & Co, acted as financial advisor, and Alvarez & Marsal North America, LLC acted as restructuring advisor to the Company. Davis Polk & Wardwell LLP acted as legal advisor, and Ducera Partners, LLC and Silver Foundry, LP acted as financial advisor for the ad hoc group of secured noteholders. Stroock & Stroock & Lavan LLP acted as legal counsel to the ad hoc group of term loan lenders.

Related Categories :

Bankruptcy Exit   

More    Bankruptcy Exit News

United States News >>>