Forbes Energy files for Chapter 11 bankruptcy

|About: Forbes Energy Services Ltd. (FES)|By:, SA News Editor

Forbes Energy Services (NASDAQ:FES) files for Chapter 11 bankruptcy protection and a prepackaged plan of reorganization.

Forbes says it has liquidity to support its business during the reorganization, which provides for a $50M facility to be funded by certain bondholders to ensure working capital.

FES says existing equity interests in the company will be terminated.

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