Green Field Files for Chapter 11 Bankruptcy
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.
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