C&J Services, Ltd., announced earlier this month that it has started a voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
C&J Services, which merged with Nabors Industries, Ltd., in March 2015, has a sales office and yard in Snyder following the merger.
C&J completed the $1.4 billion merger which, at the time, created one of the largest completion and production service providers in North American.
C&J Services has several other West Texas sales offices, including in Andrews and Big Spring.
The company currently estimates that it will emerge from the Chapter 11 reorganization within 130 to 180 days, and fully expects operations to continue as normal throughout the court-supervised financial restructuring process.
The reorganization case contemplates implementing a previously announced restructuring support agreement that C&J executed with its lenders, which provides for the elimination of approximately $1.4 billion in debt from the balance sheet.
“After thoroughly evaluating our options and strategic alternatives with our advisors and board of directors, we are confident that this is the best path forward for C&J and all our stakeholders,” said President, Chief Executive Officer and Chief Operating Officer Don Gawick. “During the reorganization proceeding, all of our day-to-day operations will continue in the normal course, and we will maintain ample liquidity and resources to support our business and continue providing safe, reliable and efficient services to all of our customers.”
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