FTSI - FTS up 67% on successful confirmation of plan of reorganization

U.S. Bankruptcy Court has confirmed FTS International (FTSI) prepackaged plan of reorganization.Under the terms of the plan, prepetition funded debt of ~$437M will be eliminated, while the vendors, suppliers, and customers will remain unaffected by the reorganization.The Company’s existing equity holders will also receive a recovery under the plan. Additionally, on November 3, 2020, the Company settled its dispute with Covia Holdings. "I am pleased to have reached an agreement with all parties involved and look forward to emerging from Chapter 11 in the next couple of weeks," said Michael Doss, Chief Executive Officer of FTSI.The company anticipates full emergence from Chapter 11 proceedings by the end of November of 2020. FTSI +67.5% premarket to $5.48Source: Press Release

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FTS up 67% on successful confirmation of plan of reorganization