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Bankrupt FTS International Inks Improved RSA Deal with Creditors
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Nearly a month after its August 24 bankruptcy filing, FTS International, Inc. has entered into a second amended and restated RSA deal with its creditors.
The new RSA is an improvement on its first agreement, with this iteration garnering 87.55% creditor support (a 17% increase compared with 75% creditor support in its first RSA agreement).
As of close of business on September 18, 2020, the Company’s cash balance was $161 million. FTS will clear approximately $437.3 million worth of debt from its balance sheet upon its exit.
Kirkland & Ellis LLP and Winston & Strawn LLP are acting as legal counsel, Lazard Frères & Co., LLC is acting as financial advisor, and Alvarez & Marsal LLP is acting as restructuring advisor to the Company in connection with the restructuring.
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