NEW YORK – June 4, 2014 – Carl Marks Advisors acted as the investment banker to Green Field Energy Services, Inc. (“Green Field” or the “Company”) in the sale of the its entire portfolio of equipment and inventory assets, including over 3,500 pieces of state-of-the-art well services and hydraulic fracturing equipment, to Gordon Brothers Group. In addition, Carl Marks assisted Green Field in raising debtor-in-possession financing from ICON Capital, LLC and GB Credit Partners, LLC, as well as the sale of Green Field’s membership interest in its Joint Venture, Turbine Powered Technology, LLC, to the existing holders of the Company’s 13% Senior Secured Notes. Carl Marks Advisors also assisted in the negotiation and confirmation of the liquidation plan.
Headquartered in Lafayette, LA, Green Field operated as an independent oilfield service company providing a wide range of services to oil and gas drilling and production companies, including hydraulic fracturing and cementing, coiled tubing, pressure pumping, acidizing, and other pumping services. Throughout 2011 and 2012, Green Field ramped up its fracturing segment in response to a perceived competitive advantage associated with its unique turbine-powered hydraulic fracturing equipment. In 2013, a market downturn and the loss of its largest customer led to liquidity constraints and necessitated a restructuring of Green Field’s balance sheet, including over $400 million of secured and unsecured debt obligations. Subsequently, Green Field filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
Carl Marks Advisors was retained in October 2013 as the Company’s investment banker to explore available strategic alternatives, including a sale of all of the Company’s assets. The Carl Marks team’s initial task was to secure the necessary liquidity to run an orderly process, which was achieved through a $30 million debtor-in-possession financing. Once in place, Carl Marks Advisors conducted an extensive marketing process, which resulted in a wide range of interest in the Company’s assets from both strategic and financial acquirers. Carl Marks’ expertise in structuring and executing Chapter 11 sales processes under difficult circumstances enabled the Company to maximize the value of the assets and achieve its goals in an efficient and timely manner.
The Carl Marks Advisors team on this engagement included partner, Christopher Wu, director, Scott Webb, and associate, Dave Endo.