Business
Wilks Brothers Files Appeal to U.S. Court of Appeals for the Fifth Circuit
Wilks Brothers Files Appeal to U.S. Court of Appeals for the Fifth Circuit Cana...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Wilks Brothers Files Appeal to U.S. Court of Appeals for the Fifth Circuit\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 June 2, 2021\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) announces that Wilks Brothers, LLC and its affiliated funds (\"\n \n Wilks Brothers\n \n \") filed an appeal yesterday to the U.S. Court of Appeals for the Fifth Circuit.  Wilks Brothers is appealing the decision by the U.S. District Court for the Southern District of\n \n Texas\n \n affirming an order by the U.S. Bankruptcy Court for the Southern District of\n \n Texas\n \n . That order granted recognition and 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 , which was consummated in December of 2020.\n \n \n The time frame for the appeal hearing remains to be determined. The U.S. Court of Appeals for the Fifth Circuit will, as a preliminary matter, issue a notice setting out the briefing schedule for the parties' written arguments. Calfrac will provide a further update upon any material developments.\n \n \n As recently announced, the application of Wilks Brothers for leave to appeal to the Supreme Court of\n \n Canada\n \n was dismissed. Similarly, Calfrac believes that it is well-positioned to oppose this new appeal and looks forward to the opportunity to dispense with the appeal on the merits.\n \n \n Calfrac's common shares and warrants are publicly traded on the Toronto Stock Exchange under the trading symbols \"CFW\" and \"CFW.WT\", respectively.\n \n \n Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western\n \n Canada\n \n ,\n \n the United States\n \n ,\n \n Argentina\n \n and\n \n Russia\n \n .\n \n \n This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws....