Fracking-services company FTS International Inc. filed for bankruptcy protection Tuesday after reaching an agreement with creditors on a debt-for-equity swap following a downturn in the energy sector and lower demand for its services.
The Fort Worth, Texas, company filed a prepackaged plan that erases nearly $440 million in debt from its balance sheet in U.S. Bankruptcy Court in Houston with the backing of more than 87% of its term lenders and senior bondholders.
While FTS is headquartered in Fort Worth, it also has a field office in Elk City, Oklahoma and others in Louisiana, Pennsylvania, and Utah.
Source: Wall Street Journal
