Carl Marks Advises Green Field in Asset Sale to Gordon Bros.
Carl Marks Advisors said it acted as the investment banker to Green Field Energy Services in the sale of its entire portfolio of equipment and inventory assets, including over 3,500 pieces of state-of-the-art well services and hydraulic fracturing equipment, to Gordon Brothers Group.
In addition, Carl Marks assisted Green Field in raising debtor-in-possession financing from ICON Capital and GB Credit Partners, as well as the sale of Green Field’s membership interest in its joint venture, Turbine Powered Technology, to the existing holders of the company’s 13% senior secured notes. Carl Marks also assisted in the negotiation and confirmation of the liquidation plan.
Lafayette, LA-based Green Field operated as an independent oilfield service company providing a wide range of services to oil and gas drilling and production companies, including hydraulic fracturing and cementing, coiled tubing, pressure pumping, acidizing, and other pumping services.
Throughout 2011 and 2012, Green Field ramped up its fracturing segment in response to a perceived competitive advantage associated with its unique turbine-powered hydraulic fracturing equipment. In 2013, a market downturn and the loss of its largest customer led to liquidity constraints and necessitated a restructuring of Green Field’s balance sheet, including over $400 million of secured and unsecured debt obligations. Subsequently, Green Field filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.