C&J Energy Services Files for Bankruptcy

We posted about a week ago that C&J Energy Services was planning on filing for bankruptcy protection. Yesterday (July 20th) they officially “filed for chapter 11 protection in the U.S. Bankruptcy Court in Houston with a debt-restructuring deal with senior lenders.” In exchange for the forgiven debt, the lenders will get 100% ownership of the company after the bankruptcy. C&J will continue operating throughout the bankruptcy but this deal with the lenders will quicken the process.

You can read the Wall Street Journal’s article here.

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