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.
Recommended Reading
Trillion Energy Begins SASB Revitalization Project
2024-04-15 - Trillion Energy reported 49 m of new gas pay will be perforated in four wells.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.