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U.S. oilfield services company Forbes Energy Services Ltd said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. Dozens in the sector, whose services include drilling wells and hauling water for energy exploration companies, have sought protection from creditors as low energy prices have prompted producers to scale back on drilling. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it unable to make payments on some of its debt.
Bonanza Creek Energy Inc and two other energy firms announced on Friday plans to file for bankruptcy in coming weeks, joining a long list of U.S. energy companies that have succumbed to a drop in oil prices. Oil and gas producers Bonanza Creek and Memorial Production Partners LP and oilfield services provider Forbes Energy Services Ltd each said they had a plan to reduce debt and transfer ownership to creditors.
Categories: Yahoo Finance Get free summary analysis Forbes Energy Services Ltd. reports financial results for the quarter ended September 30, 2016. We analyze the earnings along side the following peers of Forbes Energy Services Ltd. – Schlumberger NV, Key Energy Services, Inc., Basic Energy Services, Inc., Willbros Group, Inc., Pioneer Energy Services Corp., Natural Alternatives International, Inc., Theratechnologies ... Read more (Read more...)