Cases & Deals

Green Field ad hoc committee forges consensus with parties

Clients Green Field Ad Hoc Bondholder Committee

Jones Day represented an ad hoc group of holders of $250,000,000 13% Senior Secured Notes issued by fracking and oilfield services provider Green Field Energy Services, Inc. (GFES). GFES filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware on October 27, 2013. During GFES’s bankruptcy case, the ad hoc group was instrumental in forging consensus among numerous parties regarding the terms of a chapter 11 plan that involved a 95% reduction of claims senior to the noteholders and avoided the delay and expense of protracted litigation sought by junior creditors. Under the plan, the noteholders received interests in a liquidation trust and in a new company that specializes in the installation and design of mobile turbine-powered units for power generation and fracking applications. The plan was confirmed on April 23, 2014 and became effective on May 12, 2014.

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