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

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

Patriot Well Solutions Files for Bankruptcy

emailEmail    |    printPrint    |    bookmarkBookmark
   |    Tuesday,July 21,2020

Patriot Well Solutions LLC has filed for Chapter 11 bankruptcy.

Patriot has obtained debtor-in-possession financing from one of the Company’s current secured lenders that is an affiliate of our majority equity holder.

Their $9.4 million funding commitment will provide sufficient liquidity to fund the Company’s operations while it executes a sale process of some or all its assets.

This lender will also serve as the stalking horse bidder for the sale.

The company is headquartered in Denver, Colorado.

Dragan Cicvaric, Patriot’s President and Chief Executive Officer, stated, “After a thorough evaluation of our near-term financial outlook and operational performance, Patriot’s board, management team and advisors have determined that additional financing is needed to continue its operations while pursuing an accelerated sale process to optimizing value for our lenders, employees, customers, and suppliers. Chapter 11 gives us the time, protections, and access to additional near-term financing to complete a sale process and determine the appropriate path forward.”

Squire Patton Boggs (US) LLP is serving as Patriot’s legal advisor; Sonoran Capital Advisors has been retained as Chief Restructuring Officer and financial advisor; and Simmons Energy is serving as the Company’s investment banker.


US Frac Crews Tracking

ad

Related Categories :

Bankruptcy - Filing   

More    Bankruptcy - Filing News

United States News >>>