Nine Energy Service, Inc.(NINE), an oilfield solutions provider, announced that it has filed a voluntary, prepackaged chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas.
Through the restructuring transactions, Nine Energy will eliminate around $320 million of senior secured notes to cut its annual interest expense by around $40 million.
"The company began to solicit votes on its restructuring plan in advance of filing the Chapter 11 petitions and expects to complete the process and emerge from Chapter 11 within 45 days," Nine Energy said.
Nine Energy has received a commitment for $125 million in debtor-in-possession financing from its existing ABL lender to support the business throughout the Chapter 11 process.
The existing ABL lender also committed to provide an exit ABL facility of $135 million upon emergence from Chapter 11.
The company's operations outside the U.S. and Canada are not included in the filing.
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