On Friday 27 March 2015, we will begin to integrate OilCareers with Rigzone. We do not anticipate any site downtime however, please be advised that you may experience a slower response than usual during this time. We apologise for any inconvenience caused.

Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Green Field Files for Chapter 11 Bankruptcy

change text size

Green Field Energy Services, Inc. and its two wholly owned subsidiaries reported Monday that it filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company filed Chapter 11 to restructure its existing debt and pursue alternative business strategies for its turbine frac technology.

The company has also commenced negotiations with its existing lenders regarding a comprehensive restructuring plan. Additionally, as part of the filing, the company negotiated a Debtor-In-Possession credit facility, which will allow the company to continue to operate its well services division and seek strategic partners to allow the company's turbine frac technology to continue to be deployed.

Green Field intends to continue its business operations throughout the administration of the bankruptcy case and has filed a series of first-day motions in the bankruptcy court, seeking to ensure that there will be no material disruption to its operations during the bankruptcy process.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Most Popular Articles
From the Career Center
Jobs that may interest you
Aftermarket Sales Manager - Surface Wellhead
Expertise: Contracts Administration|Sales & Marketing|Subsea Engineering|Technical Sales
Location: Oklahoma City
 
Sr. Forensic Legal Accountant
Expertise: Accounting or Finance|Financial Audit|Legal
Location: The Woodlands, TX
 
Project Services Assistant
Expertise: Camp Boss
Location: Houston
 
search for more jobs