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DIAMONDBACK INDUSTRIES: Largest Creditor Has Issues With Plan

Repeat Precision, LLC, the largest creditor of debtor Diamondback Industries, Inc., objects to the First Amended Disclosure Statement to Joint Chapter 11 Plan of Reorganization filed by Diamondback and its Affiliated Debtors. Repeat Precision claims that the proposed plan purports to temporarily enjoin Repeat Precision from prosecuting its personal claims under TUFTA against the Drurys,…

FTS INTERNATIONAL: Files for Chapter 11 With Prepackaged Plan

FTS International, Inc. (NYSE American: FTSI) on Sept. 21, 2020, announced that it has entered into a second amended and restated restructuring support agreement (the “RSA”) with creditors holding approximately 87.55% of the principal amount outstanding of the company’s secured debt (collectively, the “Consenting Creditors”) and intends to file voluntary cases under Chapter 11 of…

BJ SERVICES: Argonaut Closes Purchase of Cementing Solutions Biz.

Argonaut Private Equity, a Tulsa, Okla.-based private equity fund, announced Sept. 1, 2020, the acquisition of a cementing solutions business following the Chapter 11 bankruptcy of BJ Services located in Tomball, Texas. “We differentiate ourselves in the private equity industry because we value the legacy established by our business enterprises and work side-by-side as partners…

OASIS PETROLEUM: S&P Cuts ICR to ‘D’ on Missed Interest Payment

S&P Global Ratings lowered its issuer credit rating on Houston-based exploration and production company Oasis Petroleum Inc. to ‘D’ from ‘CCC-’. S&P also lowered its issue-level rating on the company’s senior unsecured notes to ‘D’ from ‘CCC-’. The downgrade reflects Oasis’ decision to not make the Sept. 15, 2020, interest payments on its 6.875% senior…