Fracking services provider BJ Services LLC will wind down and liquidate after striking a settlement with creditors and winning court approval of its Chapter 11 plan.
The plan will have lenders share proceeds of several asset sales, including its cement business. It also sets up a liquidation trust for unsecured creditors and creates a $4.125 million wind-down reserve to cover expenses for the estate. A trustee will liquidate and distribute any remaining assets.
All creditors fully support the plan and the settlement, BJ Services’ attorney, Joshua Altman of Kirkland & Ellis, said at the plan confirmation hearing Friday.
The settlement ...
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