Knight Energy Holdings LLC has emerged from chapter 11 protection with a new majority shareholder, the Lafayette (La.) Daily Advertiser reported. Clearlake Capital Group LP and its affiliates, along with Knight Energy Holdings, announced on Tuesday that Clearlake had successfully completed the recapitalization of Knight in partnership with the company's management team, the Knight family and other stakeholders. The recapitalization, completed under chapter 11 protection, reduced more than $175 million in the company's total debt balance, the release states. Knight Energy, headquartered in Lafayette, is one of the largest privately owned oilfield rental tool companies in the world. The company filed for chapter 11 in August.
