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Forbes Energy Services Announces: Combination of Forbes Energy Services with US onshore oilfield services business of Superior Energy
Forbes Energy Services Announces: Combination of Forbes Energy Services with US onshore oilfield services business of Superior Energy.
About this update from Forbes Energy Services Ltd
[{"type":"text","content":"\n\n\n\nForbes Energy Services Announces: Combination of Forbes Energy Services with US onshore oilfield services business of Superior Energy\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\nForbes Energy Services Announces: Combination of Forbes Energy Services with US onshore oilfield services business of Superior Energy\nForbes securityholders to own 35% of common stock in the combined company\nPR Newswire\nALICE, Texas, Dec. 18, 2019\n\n\n\nALICE, Texas, Dec. 18, 2019 /PRNewswire/ -- Forbes Energy Services Ltd. (\"Forbes\" or the \"Company\") (OTCPK: FLSS) today announced that it entered into a definitive agreement to combine with the U.S. service rig, coiled tubing, wireline, pressure control, flowback, fluid management and accommodations service lines business of Superior Energy Services, Inc. (\"Superior Energy\") (OTCQX: SPNV) to create a new, publicly traded, consolidation platform for U.S. completion, production and water solutions (referred to in this press release as Newco).\nUnder the terms of the merger agreement, holders of Forbes common stock and holders of Forbes' outstanding convertible PIK notes, which have an outstanding balance, inclusive of accrued interest, of approximately $54 million, will receive, in the aggregate, 50.1% of the voting Class A common stock of Newco (\"Class A Stock\"), representing a 35% economic interest in Newco, subject to potential adjustment within certain parameters based on the net debt position of Forbes. An aggregate of 1.5% of the shares of common stock of Newco to be received by holders of Forbes common stock and convertible PIK notes will be allocated to the outstanding shares of common stock and 98.5% will be allocated to the convertible PIK notes. The transaction, which is expected to close in the first quarter of 2020, has been unanimously approved by a special committee of Forbes directors and by the boards of directors of each of Forbes and Superior Energy.\nIt is anticipated that Newco's Class A Stock will initially trade in the over-the-counter market. Superior Energy has agreed that Newco will list on NASDAQ at...