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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!