WASHINGTON (dpa-AFX) - CARBO Ceramics has initiated voluntary chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate ownership change and recapitalization, with financing commitment.
The company reached an agreement with Wilks Brothers, LLC and Equify Financial, LLC under which the Wilks Brothers will acquire the company through a debt-for-equity exchange pursuant to a plan of reorganization in a Chapter 11 bankruptcy case.
The Wilks Brothers have committed to providing $15 million in debtor-in-possession financing and consented to the use of its cash collateral to bolster CARBO's financial position and finance its operations through the process.
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