FTSI - FTSI to file prepackaged Chapter 11 with heavier creditor support

Fracking service provider FTS International (FTSI) will file its prepackaged filing for Chapter 11 bankruptcy tomorrow. The company last month had reached restructuring support agreements with about 75% of holders of its 6.25% senior secured notes due 2022 and about 64% of secured debt claims. Now it's entered a second amended and restated restructuring support agreement with creditors holding about 87.55% of the principal outstanding of its secured debt. It expects a "first-day" hearing to come on Thursday. It will continue to operate in ordinary course of business, with support to use existing cash to fund its Chapter 11 cases. At Friday's close of business, the company had about $161M in cash.

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FTSI to file prepackaged Chapter 11 with heavier creditor support