Texas Fracking Co. FTS Hits Ch. 11 With $535M Debt

Law360 (September 22, 2020, 9:26 PM EDT) — FTS International Inc. sought Chapter 11 protection in Texas late Tuesday, saying that it has a proposal in hand to restructure or shed the oil and gas well-completion venture’s $535.3 million debt under a largely debt-to-equity plan developed with major creditors.

The company filed a proposed disclosure statement with the Securities and Exchange Commission and claims agent Epiq ahead of the bankruptcy action, with voting on the plan already underway. More than two-thirds of the company’s secured creditors — holding about $437.3 million in claims — already had approved the proposed restructuring support agreement, or RSA, by Tuesday, with stockholder solicitations…

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Read More: Texas Fracking Co. FTS Hits Ch. 11 With $535M Debt

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