Green Field Energy Services Announces Chapter 11 Filing To Restructure Debt And Pursue Alternative Strategies

LAFAYETTE, La., Oct. 28, 2013 /PRNewswire/ -- Green Field Energy Services, Inc. and its two wholly owned subsidiaries (collectively, "the Company"), today announced that it filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. 

The Company filed Chapter 11 to restructure its existing debt and pursue alternative business strategies for its turbine frac technology.  The Company has also commenced negotiations with its existing lenders regarding a comprehensive restructuring plan.

Additionally, as part of the filing, the Company negotiated a Debtor-In-Possession credit facility, which will allow the Company to continue to operate its well services division and seek strategic partners to allow the company's turbine frac technology to continue to be deployed.

The Company intends to continue its business operations throughout the administration of the bankruptcy case and has filed a series of first-day motions in the bankruptcy court, seeking to ensure that there will be no material disruption to its operations during the bankruptcy process. 

About Green Field Energy Services

Green Field is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services.

In December 2010, Green Field became the first company to provide hydraulic fracturing services utilizing turbine-powered pumping equipment. The Company believes that its technology provides several advantages over the diesel-powered pumping equipment generally utilized in the industry, including significantly lower emissions, a smaller operating footprint, lower manufacturing costs, lower operating costs and greater fuel flexibility, including the ability to operate on natural gas.

SOURCE Green Field Energy Services, Inc.