C&J Energy Services filed a motion to authorize an agreement in connection with anticipated exit financing to be provided by PNC, encompassing a $100 ABL facility.
C&J Energy filed for reorganization under Chapter 11. C&J has executed a RSA with its lenders that provides for the elimination of $1.4 billion of debt.
C&J Energy Services is continuing discussions with its lenders and has entered into a forbearance agreement under which the lenders, led by Bank of America as administrative agent, have agreed to forbear from exercising default remedies.
C&J Energy Services said it amended its credit facilities with a group of lenders led by Bank of America as agent to, among other things, reduce the maximum borrowing capacity under its revolver from $600 million to $400 million.