Fracking Provider FTS Will File for Bankruptcy in Coming Weeks

FTS International Inc., the fracking-service provider founded by brothers Dan and Farris Wilks two decades ago, said it will file for bankruptcy in the coming weeks amid the wreckage of a global pandemic-induced shale bust.

The Fort Worth, Texas-based pressure pumper entered into a restructuring support agreement with note holders in a move that will deleverage the company by $437 million, according to a statement Monday. The deal allows note holders and term-loan lenders to exchange debt claims for $31 million in cash and 90% of the equity in the reorganized company.

Since early March, FTS has slashed executive pay, ...