Expro International, an offshore-focused oil and gas services company, filed for bankruptcy on Monday with plans to hand control of the business to lenders owed more than $1 billion, WSJ Pro Bankruptcy reported. Expro Holdings US Inc. and several dozen affiliates sought chapter 11 protection at the U.S. Bankruptcy Court in Houston, becoming the latest oilfield servicer to seek help weathering a sustained drop in oil and gas prices. Earlier this month, Expro reached a restructuring agreement with about 65 percent of key lenders that, if approved, would wipe out some $1.4 billion in obligations through a deft-for-equity swap, a common remedy for heavily indebted businesses. The deal would free Expro from about $80 million in annual interest payments.
