Fracking Co. BJ Services Gets OK For Ch. 11 Liquidation

Law360 (November 6, 2020, 4:24 PM EST) -- Fracking company BJ Services on Friday won approval from a Texas bankruptcy judge for a Chapter 11 liquidation plan that settled multiple disputes in what company counsel said was a "litigious" process.

At a remote hearing, U.S. Bankruptcy Judge Marvin Isgur approved the plan, which will wind down the company and distribute $71 million from an August asset sale and settle all outstanding disputes between it and its creditors.

BJ Services filed for bankruptcy in July with $356.8 million in funded debt, saying depressed commodity markets and the COVID-19 pandemic led to a cash crunch.

At the hearing, BJ Services counsel...

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