Nine Energy Service Files for Prepackaged Chapter 11 to Cut Debt and Secure New Financing
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Nine Energy Service, Inc. has filed for a prepackaged Chapter 11 bankruptcy to restructure its debt and secure $125 million in new financing. The company aims to eliminate $320 million in senior secured notes and reduce annual interest expenses by $40 million. Operations will continue normally, with vendors paid in full and employees receiving regular pay and benefits. The company expects to emerge from bankruptcy within 45 days, with its U.S. and Canadian operations included in the filing.
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