C&J Energy Services to Seek Bankruptcy Protection

C&J Energy services has announced that they plan on filing for Chapter 11 bankruptcy by the end of the week. The decision is a result of their struggle “to recover from the industry’s extended downturn and the sudden death earlier this year of the company’s founder and chief executive.” As the Houston Chronicle puts it, C&J’s announcement is another example of oil companies that expanded too quickly during the shale boom and took on too many debts once the boom ended. C&J’s new CEO, Don Gawick, hopes that the bankruptcy will give them firm financial footing going forward.

You can read the Houston Chronicle’s article here.

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