FTSI - FTS International exits bankruptcy after completing restructuring

FTS International (FTSI) rises 11% in premarket, after the company says it successfully completed its financial restructuring and emerged from Chapter 11; its common stock will continue trading on the NYSE under the FTSI ticker symbol.As previously announced, the U.S. Bankruptcy Court confirmed company’s prepackaged plan of reorganization, and equitized all prepetition funded debt, resulting in holders of FTSI’s legacy senior notes and term loan collectively holding over 90% of FTSI’s new common stockUpon emergence, FTSI expects to have ~$90M in cash and has entered into a new $40M asset-based revolving credit facility with Wells Fargo Bank, to support working capital needs, with ~14M shares of new Class A common stock outstanding.FTS International filed for bankruptcy soon after it reported heavy Q2 loss and an 87% Y/Y reduction in revenues.

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FTS International exits bankruptcy after completing restructuring