Boomerang Tube LLC, a maker of pipes and tubes for oil and natural gas companies, filed for chapter 11 protection yesterday, becoming the latest victim of the slide in oil prices, Reuters reported yesterday. The proposed restructuring will convert about $214 million of the company's debt under its term loan into equity, Boomerang Tube said in its filing. The reorganized company will also issue $55 million in new debt, the filing said. St. Louis, Missouri-based Boomerang Tube, which was bought by Access Tubulars LLC in 2008, said that it had total assets of about $299 million and total liabilities of about $461 million, as of March 31.
