U.S. oilfield services company Forbes Energy Services Ltd. said that it expected to "promptly" emerge from bankruptcy after filing a chapter 11 plan yesterday with a pre-packaged deal to exchange $280 million of debt for equity, Reuters reported. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said that the oil slump had reduced demand for its activities, rendering it unable to make payments on some of its debt. It said that holders of 87 percent of senior unsecured notes had voted to accept its restructuring plan. The Alice, Texas-based company operates around 173 well servicing rigs in Texas, Louisiana and Pennsylvania. It also transports and disposes of fluids used in drilling. Read more.
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