GASFRAC Files Ch. 15 In First Cross-Border Oil Price Casualty

Law360, Houston (January 16, 2015, 6:21 PM EST) -- Canadian waterless fracking company GASFRAC Energy Services Inc. on Thursday filed for Chapter 15 bankruptcy protection in San Antonio after obtaining protection in Canada under the Companies' Creditors Arrangement Act, the first cross-border bankruptcy related to tumbling oil prices.

The news comes about two months after the company announced it could not comply with the terms of its $35 million revolving credit facility with PNC Bank Canada Branch.

GASFRAC owed about $31 million Canadian, or about $25.9 million U.S., to PNC under the revolving credit facility at the end of 2014, according to the petition. The company also owed about $40.25...

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