Business
Calfrac Sets the Record Straight; Recapitalization Transaction is the Only Executable Transaction; Voting for the Recapitalization Transaction is in the Best Interests of Stakeholders
Calfrac Sets the Record Straight; Recapitalization Transaction is the Only Executable Tran...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Sets the Record Straight; Recapitalization Transaction is the Only Executable Transaction; Voting for the Recapitalization Transaction is in the Best Interests of Stakeholders\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, Aug. 28, 2020\n\n\n\nFact: The Recapitalization Transaction is the only transaction being voted on. It is recommended that all Calfrac stakeholders VOTE FOR this transaction. Fact: Holders of 78% of the Unsecured Notes continue to support the Recapitalization Transaction. No other party has presented anything that Unsecured Noteholders will approve. Fact: Wilks Brothers' Proposal cannot be executed and would make Calfrac subservient to a competitor. A deal with Wilks Brothers would carry significant, unmeasurable risks. CALGARY, AB, Aug. 28, 2020 /CNW/ - (TSX: CFW) Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") announced today that it has filed updated presentation materials addressing the many inaccuracies in the Wilks Brothers proxy circular pertaining to the upcoming meetings of Unsecured Noteholders and Shareholders (the \"Meetings\") for the Recapitalization Transaction. Calfrac's new investor presentation has been posted on SEDAR and the Company's website and is available here.   \nCalfrac has been transparent with all stakeholders about the process and the evaluation of alternatives. The facts about the Company's proposed Recapitalization Transaction are: \nIt is the ONLY executable transaction available and being voted on. It ensures that Shareholders retain value in Calfrac's future business. It is a consensual non-insolvency restructuring which protects Calfrac's employees, customers, suppliers and brand. The necessary capital infusion has been sourced from parties willing to sign an NDA and commit to real solutions (unlike Wilks Brothers). Holders of 78% of Unsecured Notes contractually support the Recapitalization Transaction, having had the opportunity to independently make up their own minds. Wilks Br...