FTS Ch. 11 Plan OK'd After Fracking Sand Supplier Deal
Law360 (November 4, 2020, 5:51 PM EST) -- A Texas bankruptcy judge Wednesday approved fracking company FTS International's $535.3 million equity-swap Chapter 11 plan, after hearing the company had reached a deal with a former supplier that had contested the proposal.
At a remote hearing, counsel for FTS said it had settled Covia Holding Corp.'s objection to how its claims had been classified for $12.3 million in cash and 0.5% of FTS' post-reorganization equity, making its Chapter 11 plan fully consensual and supported by the "overwhelming" majority of its creditors.
Texas-based FTS ranks as one of North America's largest hydraulic fracturing, or "fracking," fleets, operating high-pressure pumping systems that...
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