Fracking Servicer FTS International Will File for Bankruptcy

FTS International Inc., the U.S. fracking services provider founded by brothers Dan and Farris Wilks two decades ago, said it will file for bankruptcy after a pandemic-induced collapse in oil prices wrecked demand.

The Fort Worth, Texas-based pressure pumper will file a Chapter 11 petition Tuesday in U.S. Bankruptcy Court in the Southern District of Texas, according to a statement. It reached a restructuring support agreement with creditors holding about 87.55% of its secured debt, and is soliciting votes for the plan.

Companies that rent out pumps for blasting oil-soaked shale rock have been among the hardest-hit this ...