The restructuring eliminated about $1.4 billion of debt and more than $80 million of annual interest expense.

C&J also said on Jan. 6 that it entered into a new $100 million revolving credit facility and paid off outstanding amounts under its prior debtor-in-possession facility with proceeds from a $200 million equity rights offering.

The company is exiting the restructuring with more than $220 million in total liquidity.

C&J said a new board of directors was appointed Jan. 6, consisting of Chairman Patrick Murray; Stuart Brightman; John Kennedy; Steven Mueller; Michael Roemer; and Michael Zawadzki; in addition to Don Gawick, C&J's president and CEO.

The company noted that Legacy C&J common stock will be canceled, and the company will have about 55.5 million shares of new stock outstanding after the reorganization.

For C&J, Evercore was the financial adviser. AlixPartners LLP was the restructuring advisor. And Fried, Frank, Harris, Shriver & Jacobson LLP; Kirkland & Ellis LLP; and Loeb & Loeb LLP were the legal counsel.

Moelis & Co. LLC and FTI Consulting were the financial advisers. Davis Polk & Wardwell LLP was the legal counsel to the administrative agent and certain holders of Legacy C&J secured debt. And Diamond McCarthy LLP was the Texas local counsel.