Texas Energy Firm Sues To Block Bain's 'Hostile' Strategy
By Jess Krochtengel (December 19, 2016, 2:39 PM EST) -- Financially struggling Quintana Energy Services LP sued onetime potential equity investor Bain Capital Credit LP in Texas state court Monday, accusing it of violating a confidentiality agreement through a hostile loan-to-own strategy that could force the company into bankruptcy.
In a Harris County District Court suit, Quintana said negotiations with Bain to invest $60 million in the company failed when the investor couldn't reach an agreement with Quintana's first-lien lenders and management. Quintana then convinced existing stakeholders to invest $40 million in equity, but said that investment now could potentially fall apart because of Bain's alleged maneuvering to buy senior debt...
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