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Appeal of U.S. Enforcement Order for Calfrac's Recapitalization Transaction to be heard in U.S. District Court
Appeal of U.S. Enforcement Order for Calfrac's Recapitalization Transaction to be heard i...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Appeal of U.S. Enforcement Order for Calfrac's Recapitalization Transaction to be heard in U.S. District Court\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Feb. 9, 2021\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) had applied to the U.S. District Court for the Southern District of\n \n Texas\n \n to dismiss, on an expedited basis, a further appeal (the \"\n \n Appeal\n \n \") filed by Wilks Brothers, LLC (\"\n \n Wilks Brothers\n \n \").  This appeal relates to the order of the U.S. Bankruptcy Court for the Southern District of\n \n Texas\n \n which granted enforcement in\n \n the United States\n \n of Calfrac's Plan of Arrangement under the\n \n Canada Business Corporations Act\n \n (the \"\n \n U.S. Enforcement Order\n \n \").\n \n \n Calfrac's motion to dispose of this matter today was, however, denied. The full Appeal will therefore be heard by the District Court at a future date. Calfrac is well-positioned to oppose the Appeal by Wilks Brothers and looks forward to the opportunity to dispense with the Appeal on the merits.\n \n \n Wilks Brothers has objected to essentially every application that Calfrac has made in both\n \n Canada\n \n and\n \n the United States\n \n . Accordingly, on\n \n December 11, 2020\n \n , Wilks Brothers filed an appeal of the U.S. Enforcement Order before the U.S. District Court for the Southern District of Texas.\n \n \n On\n \n December 18, 2020\n \n , the Amended Recapitalization Transaction that had been approved at all levels, was consummated.  On\n \n January 8, 2021\n \n , Calfrac filed a motion to dismiss the Appeal on the basis of equitable mootness, because the Recapitalization Transaction has already been completed pursuant to the Plan of Arrangement.  At a hearing held earlier today the U.S. District Court denied Calfrac's motion to dismiss.\n \n \n Calfrac will provide further information as the Appeal proceedings move forward. As indicated, Calfrac will be vigorously...