Calfrac Well Services (CFW.TO) investor Wilks Brothers said on Tuesday it submitted a restructuring plan to reduce the company’s debt, and that its terms were better than those proposed by Canadian oilfield service provider’s management.

Calfrac investor Wilks Brothers launches rival restructuring deal- oil and gas 360

Source: Reuters

Wilks Brothers’ rival plan, which would give it 60% equity ownership for C$236 million ($176 million) in consideration, follows two earlier bids by the group to buy Calfrac’s U.S. operations. Both bids were rejected by Calfrac’s board.

The investor group holds about 19.78% of Calfrac’s shares and more than 50% of its second-lien notes, and also owns ProFrac Services Ltd, a competitor of Calfrac in the United States.

Legal Notice