Gasfrac Energy Files Chapter 15 Petiton In Texas to Aid Canadian Reorganization

Gasfrac Energy Services Inc., a provider of liquefied petroleum gas-fracturing services, initiated a reorganization under Canada’s Companies’ Creditors Arrangement Act last week, followed by a Chapter 15 petition in U.S. Bankruptcy Court in San Antonio (In re Gasfrac Energy Services Inc., Bankr. W.D. Tex., 15-50161, petition filed 1/15/15).

Based in Calgary, with operations throughout Western Canada and the U.S., Gasfrac has been operating at a loss due to decreased revenue and fixed operating costs, the company said.

Having almost exhausted its revolving loan, the company said there’s a risk it wouldn’t be able to continue operating without ...