BJ Services Has Voluntarily Filed Petitions For Chapter 11 Bankruptcy
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.