Oilfield Services Co. Cleared For $16.5M Bankruptcy Loan

By Vince Sullivan (June 2, 2021, 6:07 PM EDT) -- Bankrupt oilfield service firm OFS International LLC received permission Wednesday from a Texas court to tap into a portion of a $16.5 million post-petition loan, telling the court that it intended to use the initial draw of funds to purchase pipe stock needed to maintain its operations.

During a virtual first-day hearing, debtor attorney Joshua W. Wolfshohl of Porter Hedges LLP said the company had been struggling financially as early as 2019, even before the oil and gas industry was hit with the double whammy of the COVID-19 pandemic and a substantial drop in energy prices.

"2020 was just a falling...

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