C&J Energy Services bankruptcy filing deadline extended to July 20

By Caroline Salls

Pittsburgh, July 18 – C&J Energy Services Ltd. and its C&J Corporate Services (Bermuda) Ltd., C&J Energy Production Services-Canada Ltd. and Mobile Data Technologies Ltd. entered into an amendment to their restructuring support agreement with lenders, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company said lenders that beneficially own or manage greater than 83% of the total principal amount of loans under C&J’s credit agreement are now parties to the restructuring support agreement.

Under the amendment, the date by which the company is required to file Chapter 11 bankruptcy was extended to July 20 from July 17.

As previously reported, C&J will also file ancillary proceedings in Canada on behalf of its Canadian entities and a provisional liquidation proceeding in Bermuda on behalf of the Bermudian entities.

In addition, C&J obtained an amendment and extension to the forbearance agreement reached with some of the credit agreement lenders and administrative agent Cortland Capital Market Services LLC.

Specifically, the lender parties agreed to extend the forbearance period through July 20 in connection with C&J’s failure to satisfy a minimum cumulative consolidated EBITDA covenant as of March 31 and any non-payment of interest, commitment fees or letter-of-credit fees.

C&J Energy is a Houston-based provider of hydraulic fracturing, coiled tubing, cased-hole wireline, pumpdown and other oilfield services.

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