FTS Intercontinental Announces Productive Affirmation of Approach of Reorganization | Small business

FORT Well worth, Texas–(Company WIRE)–Nov 5, 2020–

FTS Global, Inc. (NYSE American: FTSI) (“FTSI” or the “Company”), nowadays introduced that the U.S. Personal bankruptcy Court for the Southern District of Texas, Houston Division has confirmed its Prepackaged System of Reorganization (the “Verified Plan”).

Below the conditions of the Verified Program, which was accepted at a hearing on November 4, 2020, the Business attained the elimination of all of its prepetition funded debt, around $437 million. Importantly, the Confirmed Approach ensures that the Company’s suppliers, suppliers, and customers will stay unaffected by the reorganization. The Company’s present fairness holders will also obtain a restoration below the Verified System. Additionally, on November 3, 2020, the Company settled its dispute with Covia Holdings Corporation.

“I am happy to have achieved an arrangement with all get-togethers involved and glimpse forward to emerging from Chapter 11 in the up coming couple of months,” mentioned Michael Doss, Chief Government Officer of FTSI. “The frustrating help by all parties associated and affirmation by the court will make it possible for FTSI to emerge from the approach personal debt-free of charge and in an ideal position to navigate the existing environment and acquire benefit of long term chances. I recognize our consumers, our sellers, and our employees for working via this method with us and am energized that FTSI will be improved positioned than ever ahead of and keep on being a chief in the nicely completions place.”

The Enterprise anticipates finalizing the Verified Approach in excess of the coming months, topic to conventional and customary closing techniques and disorders. FTSI anticipates full emergence from Chapter 11 proceedings by the conclusion of November of 2020.

Advisors

Kirkland & Ellis LLP and Winston & Strawn LLP are performing as authorized counsel, Lazard is acting as fiscal advisor, and Alvarez & Marsal LLP is acting as restructuring advisor to the Corporation in link with the restructuring. Davis Polk & Wardwell LLP is performing as authorized counsel and Ducera Associates LLC and Silver Foundry, LP are performing as economic advisors to the advert hoc team of secured noteholders. Stroock & Stroock & Lavan LLP is performing as legal counsel to the advertisement hoc group of time period creditors.

About FTS Intercontinental, Inc.

Headquartered in Fort Worth, Texas, FTS is an independent hydraulic fracturing company organization and a single of the only vertically built-in service vendors of its type in North The us.

To find out more, visit www.FTSI.com.

Forward Looking Statements

This push release includes “forward-looking statements” related to potential situations. Forward-on the lookout statements contain terms such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Ahead-hunting statements are dependent on management’s recent expectations, beliefs, assumptions and estimates and may perhaps incorporate, for instance, statements about our means to finalize the Prepackaged Approach and emerge from our Chapter 11 proceedings. These statements are issue to sizeable threats, uncertainties, and assumptions that are hard to predict and could bring about precise outcomes to differ materially and adversely from those expressed or implied in the forward-hunting statements, which includes challenges and uncertainties concerning the Company’s capability to effectively complete a restructuring beneath Chapter 11, including: consummation of the restructuring the Company’s potential to meet sure conditions in the RSA likely adverse results of pursuing defense below Chapter 11 of the Personal bankruptcy Code (the “Chapter 11 Cases”) on the Company’s liquidity and final results of operations the Company’s skill to obtain well timed approval by the individual bankruptcy court with regard to the motions filed in the Chapter 11 Conditions objections to the Company’s recapitalization system or other pleadings submitted that could protract the Chapter 11 Cases personnel attrition and the Company’s skill to keep senior management and other vital personnel owing to the interruptions and uncertainties the Company’s capability to comply with financing preparations the Company’s ability to maintain relationships with suppliers, shoppers, workers and other third get-togethers and regulatory authorities as a consequence of the Chapter 11 Circumstances and other issues the effects of the Chapter 11 Scenarios on the Organization and on the pursuits of a variety of constituents, which include holders of the Company’s popular inventory the personal bankruptcy court’s rulings in the Chapter 11 Conditions, such as the approvals of the terms and conditions of the restructuring and the outcome of the Chapter 11 Instances generally the size of time that the Corporation will run under Chapter 11 security and the continued availability of functioning funds in the course of the pendency of the Chapter 11 Instances challenges related with 3rd get together motions in the Chapter 11 Cases, which may perhaps interfere with the Company’s means to consummate the restructuring or an option restructuring transaction greater administrative and authorized expenditures relevant to the Chapter 11 course of action probable delays in the Chapter 11 course of action owing to the outcomes of the COVID-19 virus and other litigation and inherent pitfalls concerned in a bankruptcy method. Forward-wanting statements are also topic to the risk elements and cautionary language described from time to time in the reviews the Company information with the U.S. Securities and Exchange Commission, such as those people in the Company’s most recent Yearly Report on Form 10-K and any updates thereto in the Company’s Quarterly Experiences on Sort 10-Q and Existing Stories on Sort 8-K. These challenges and uncertainties may well cause real potential final results to be materially different than all those expressed in this kind of ahead-seeking statements. The Company has no obligation to update or revise these forward-hunting statements and does not undertake to do so.

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Get hold of: Lance Turner

Chief Economical Officer

817-862-2000 

Key phrase: UNITED STATES NORTH The us TEXAS

Field Key phrase: Power Purely natural Resources MINING/MINERALS OIL/Gas

Resource: FTS Intercontinental, Inc.

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PUB: 11/05/2020 05:05 PM/DISC: 11/05/2020 05:05 PM

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