Green Field Energy Services and its two wholly owned subsidiaries announced that it filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
The company filed Chapter 11 to restructure its existing debt and pursue alternative business strategies for its turbine frac technology. The company has also commenced negotiations with its existing lenders regarding a comprehensive restructuring plan.
Additionally, as part of the filing, the company negotiated a debtor-in-possession credit facility, which will allow the company to continue to operate its well services division and seek strategic partners to allow the company’s turbine frac technology to continue to be deployed. According to bankruptcy court documents, the $30 million DIP financing is pending court approval.
Bankruptcy court documents listed GB Credit Partners and ICON Capital as co-administrative agents and DIP lenders.
The company intends to continue its business operations throughout the administration of the bankruptcy case and has filed a series of first-day motions in the bankruptcy court, seeking to ensure that there will be no material disruption to its operations during the bankruptcy process.
Green Field is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons.