Green Field Energy Services

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Summary

Chief Restructuring Officer

Denver, CO

Green Field Energy Services (GFES) provided hydraulic fracturing and ancillary well equipment and services to exploration and production customers in Texas and Pennsylvania. The Company operated a proprietary turbine-powered hydraulic fracturing fleet that included over 3,500 pieces of new and late model equipment.

Carl Marks Advisors (CMA) served as financial advisor and investment banker to GFES during its Chapter 11 bankruptcy, overseeing all aspects of the process. CMA secured a $30 million DIP facility to stabilize liquidity and conducted a comprehensive marketing process for GFES’s hydraulic fracturing and well services assets, leading to a successful §363 asset sale.

Simultaneously, CMA facilitated negotiations for a restructuring support agreement, culminating in a liquidation plan supported by all stakeholders. The process resulted in the successful sale of substantially all GFES’s assets and a structured resolution of the bankruptcy.

Key Challenges
Asset Sale
Bankruptcy
Low Liquidity

Engagement Highlights

  • CMA’s professionals advised on all aspects of the Chapter 11 Bankruptcy process and post-petition sale process resulting in a successful §363 sale of substantially all the Company’s assets.
  • CMA professionals were retained to advise throughout the restructuring process, both pre and post petition, and explore the Company’s strategic alternatives, including a sale of substantially all GFES’ assets.
  • First, given the Company’s weakened liquidity, CMA’s professionals quickly sourced and negotiated a $30mm DIP facility from ICON Capital, LLC and Gordon Brothers Credit Partners, LLC.
  • After sufficient liquidity was in place, CMA conducted a fulsome marketing process for the Company’s hydraulic fracturing and well services assets.
  • In parallel with the sale process, CMA’s professionals successfully facilitated negotiations of a restructuring support agreement between key constituents culminating in the confirmation of a plan of liquidation supported by all parties.

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