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BJ Services Has Voluntarily Filed Petitions For Chapter 11 Bankr

BJ Services Has Voluntarily Filed Petitions For Chapter 11 Bankr

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Author Photo by: TheWoodlandsTXDotCom Active Indicator LED Icon Site Admin
~ 5 days ago   Jul 28 2020, 12:53pm 
BJ Services Has Voluntarily Filed Petitions For Chapter 11 Bankruptcy
 
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Press release from BJ Services:
 
"Despite maintaining a leading market position and strong client support, the severe downturn in activity and subsequent lack of liquidity resulted in an unmanageable capital structure.
 
After exhausting every possible alternative to address these issues and improve our liquidity, we have made the very difficult decision to proceed with a Chapter 11 process,” said Warren Zemlak, President and Chief Executive Officer of BJ Services.
 
The Company believes a successful completion of the sales of the cementing business and portions of the fracturing business would reduce the number of jobs impacted by this process.
 
The Company is developing a plan with its stakeholders to minimize disruption to current client activity as much as feasible and will be reaching out to clients to discuss available options.
 
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Author Photo FairManor Active Indicator LED Icon
~ 5 days ago   Jul 28 2020, 12:58pm 
When Baker Hughes bought them, they are woodlands company. Now they are all by themselves...
 
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Author Photo Strofan Active Indicator LED Icon
~ 5 days ago   Jul 28 2020, 9:50pm 
Lots of companies come out of bankruptcy. Continental Airlines did it 3x. Then merger finally did it for good 😕
 
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Author Photo cabeuser Active Indicator LED Icon
~ 5 days ago   Jul 28 2020, 9:56pm 
@Strofan : Continental was such a good company though!
 
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Author Photo Strofan Active Indicator LED Icon
~ 4 days ago   Jul 30 2020, 8:12am 
@cabeuser : yes they were. I left in 2003 before United took over. It was great working under Gordon Bethune!
 
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