Under the original plan, Calfrac's unsecured notes would be exchanged for shares and current shareholders would see their stake reduced to eight per cent of Calfrac's equity.
It charged the plan advanced by Calfrac would "unfairly enrich certain key insiders'" in the company.
Calfrac said Monday that a special committee of its directors has reviewed the Wilks offer, consulted unsecured noteholders, and concluded the
It added that the original recapitalization proposal currently has the support of 78 per cent of the senior unsecured notes, subject to certain conditions.
Calfrac has scheduled meetings of shareholders and unsecured noteholders for
In an earlier news release, Calfrac said Wilks Brothers, which owns
Wilks Brothers owns just under 20 per cent of Calfrac's common shares.
Both Calfrac and ProFrac offer oilfield services including hydraulic fracturing, where chemicals and liquids are injected at high pressure into underground formations to break up tight rock and allow trapped oil and gas to flow into the well.
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