Calfrac to Refinance, Offer New Notes Amid Chapter 15 Filing (2)

Calfrac Well Services Ltd. filed for Chapter 15 protection, the latest energy company to go under following a steep decline in crude prices.

The oilfield services provider had been firing workers and trimming operations in North America in an effort to slash costs. The Calgary-based company reported a net loss of C$123 million in the first quarter, even after cutting operating spending by C$150 million.

The filing follows a plunge in crude prices as the Covid-19 pandemic dents global growth. The slump has already forced energy service companies including Vista Proppants & Logistics Inc. and Unit Corp. to seek court ...