FTS International amends, restates restructuring support agreement

By Taylor Fox

New York, Sept. 8 – FTS International, Inc., FTS International Services, LLC and FTS International Manufacturing, LLC entered into an amended and restated restructuring support agreement with consenting creditors of the company’s 6¼% senior secured notes due 2022 on Sept. 4, according to an 8-K filing with the Securities and Exchange Commission.

The agreement would provide for modifications to the creditors’ consent rights with respect to cash collateral, the payment of fees to certain lenders under the term loan agreement and the sharing of draft documents with certain of the consenting creditors’ advisers.

The consenting creditors represent 87.33% of combined outstanding principal amount of secured notes and loans under the term loan agreement.

The company continues to engage in conversations with the consenting creditors and their advisers regarding a permitted alternative restructuring, and the parties intend to further amend and restate the amended and restated restructuring support agreement when such terms are agreed, according to the news release.

Fort Worth-based FTS provides well-completion services, including pressure pumping, wireline and reservoir optimization technologies.

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