Davis Polk advised an ad hoc group of senior secured noteholders in connection with the chapter 11 restructuring of FTS International, Inc. and certain of its subsidiaries (collectively, “FTSI”). FTSI’s plan of reorganization was confirmed by the Bankruptcy Court for the Southern District of Texas on November 4, 2020 and became effective on November 19, 2020. Under the plan, FTSI equitized approximately $437 million in aggregate principal amount of term loans and senior secured notes. The ad hoc group and other senior secured noteholders and term loan lenders received their pro rata share of $30.66 million in cash and 90.1% of the equity of reorganized FTSI (subject to dilution). FTSI’s existing equity holders received their pro rata share of 9.4% of the equity of reorganized FTSI (subject to dilution) and warrants.  

Headquartered in Fort Worth, Texas, FTSI is an independent hydraulic fracturing service company and one of the only vertically integrated service providers of its kind in North America. They provide customized hydraulic fracturing solutions to exploration and production companies to enhance recovery rates from oil and gas wells, primarily in unconventional plays.

The Davis Polk restructuring team included partners Donald S. Bernstein and Damian S. Schaible and associate Michael Pera. The finance team included counsel Jon Finelli. The corporate team included partner Cheryl Chan. The capital markets team included partner John G. Crowley. The litigation team included partner James I. McClammy. The tax team included partner Michael Farber and counsel Samuel Dimon. Counsel David Mollo-Christensen provided executive compensation advice. All members of the Davis Polk team are located in the New York office.

Copy link to share post