Expanse Energy Solutions sought bankruptcy protection Friday with a debt maturity looming and the oil-and-gas services provider dealing with unprofitable contracts and a tight labor market pushing up costs, WSJ Pro Bankruptcy reported. Expanse Energy parent Dixie Electric LLC and about a dozen related businesses filed for chapter 11 in U.S. Bankruptcy Court in Wilmington, Del., after having reached a restructuring agreement last month with senior creditors. Jerrit Coward, brought in to serve as chief executive officer of privately held Expanse in January, said in a court filing that the restructuring proposal has been approved by creditors holding more than 67 percent of the principal amount of the Houston-based company’s secured loans as well as its unsecured lender. The plan proposes wiping out almost $300 million in debt by converting all secured and unsecured loan claims into equity in the reorganized business, he said.
