Forbes Energy Services Ltd.
said Monday it has filed for bankruptcy, in the southern district of Texas-Corpus Christi. The oilfield services contractor said it has ample liquidity to support its business during the chapter 11 reorganization, which provides for a facility of $50 million to be funded by certain bondholders to ensure working capital. The stock, which traded on the OTC Pink Sheets, had tumbled 58% over the past three months.
View more information: https://www.marketwatch.com/story/forbes-energy-services-files-for-bankruptcy-in-texas-2017-01-23