Fracking Supply Co. Hits Ch. 11 With $128M In Debt
Law360 (July 12, 2019, 10:07 PM EDT) -- A fracking industry supplier has filed for Chapter 11 in a Texas bankruptcy court, saying heavy competition and unpredictable energy prices have left it unable to sustain its nearly $128 million in debt.
In bankruptcy filings Thursday, Louisiana-based Shale Support Global Holdings said a crowded market and unpredictable demand for its “frac sand” have left it with restricted liquidity, an unsupportable capital structure and no choice but to seek court-protected restructuring.
Shale Support was founded in 2014 and mines, processes and transports quartz sand that is mixed with the water injected into the ground for hydraulic fracturing, the company said in...
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