C&J Energy Enters Bankruptcy with Plan to Cut $1.4 Billion

C&J Energy Services Ltd., one of the largest well-drilling and fracking specialists in North America, filed for bankruptcy in an effort to cut $1.4 billion in debt from its balance sheet (In re CJ Holding Co., Bankr. S.D. Texas, 16-bk-40739, petition filed 7/20/16).

The case is In re CJ Holding Co., 16-33590, U.S. Bankruptcy Court, Southern District of Texas (Houston).

C&J filed its Chapter 11 petition July 20 in Houston, estimating liabilities of more than $1 billion. The driller joins other energy-related companies in bankruptcy as the industry reels from a slump in energy prices that only ...