GB Credit Partners Co-Agents $30 Million DIP Facility to Green Field Energy Services, Inc.
Boston, MA - GB Credit Partners, LLC, the investment management affiliate of Gordon Brothers Group, announced today that it has co-agented a $30 million DIP facility to Green Field Energy Services, a well service provider specializing in hydraulic fracturing, cementing, pressure pumping and coiled tubing.
Green Field Energy Services filed voluntary Chapter 11 bankruptcy protection on October 27, 2013. The financing provided by GB Credit Partners will be used to fund essential expenses during the bankruptcy process. The loan provided by GB Credit Partners is secured by super priority lien in all of Green Field Energy Services’ assets.
GB Credit Partners leveraged the in-house expertise of GB Energy Partners to analyze and determine the net orderly liquidation value for Green Field Energy Services’ assets. GB Energy Partners provides appraisal and disposition services to the global energy sector. Utilizing this internal capability, GB Credit Partners quickly and efficiently provided Green Field Energy Services with the capital needed to manage the bankruptcy process.
“We are pleased to be able to support Green Field Energy during this process while they examine various strategic alternatives, including reorganization,” said Gary Prager, Managing Director, GB Credit Partners.
Founded in 1969, Green Field Energy Services grew from a Lousiana-based firm focused on pumping stimulation to a nationally recognized leader in oil and gas services including cementing, acidizing, coiled tubing, gravel packing, nitrogen services and lab-technical services. Today, Green Field Energy Services has two locations in both Louisiana and Texas that provide services to oil and natural gas drilling companies with a focus on hydraulic fracturing and complementary well services.