FTS International Announces Agreement With Majority of Its Secured Debtholders on Restructuring Support Agreement to Convert Over $400 Million of Debt to Equity
Company will emerge debt-free, paving the way for future strategic growth
with approximately 75 percent of the holders of the Company’s 6.250% senior secured notes due 2022 (the "Secured Notes") and approximately 64 percent of the Company’s secured debt claims.
The Agreement outlines a comprehensive restructuring that will deleverage the Company’s balance sheet by $437.3 million
FTSI will commence voluntary cases under chapter 11 of the U.S. Bankruptcy Code and file a prepackaged chapter 11 plan of reorganization in the coming weeks.
Agreement provides that holders of the Secured Notes and lenders under the Term Loan will exchange their debt claims for $30.6 million in cash consideration and 90.1% of the equity of a reorganized FTSI.
Existing holders of FTSI equity will receive the remaining 9.9% of the equity.
the consenting creditor parties to the Agreement have agreed to allow the Company to use existing cash to fund the chapter 11 cases and continue operations in the ordinary course, thereby preserving critical value for all stakeholders.
finance.yahoo.com/ne...ority-125200301.html
Company will emerge debt-free, paving the way for future strategic growth
with approximately 75 percent of the holders of the Company’s 6.250% senior secured notes due 2022 (the "Secured Notes") and approximately 64 percent of the Company’s secured debt claims.
The Agreement outlines a comprehensive restructuring that will deleverage the Company’s balance sheet by $437.3 million
FTSI will commence voluntary cases under chapter 11 of the U.S. Bankruptcy Code and file a prepackaged chapter 11 plan of reorganization in the coming weeks.
Agreement provides that holders of the Secured Notes and lenders under the Term Loan will exchange their debt claims for $30.6 million in cash consideration and 90.1% of the equity of a reorganized FTSI.
Existing holders of FTSI equity will receive the remaining 9.9% of the equity.
the consenting creditor parties to the Agreement have agreed to allow the Company to use existing cash to fund the chapter 11 cases and continue operations in the ordinary course, thereby preserving critical value for all stakeholders.
finance.yahoo.com/ne...ority-125200301.html