Calfrac investor Wilks Brothers launches rival restructuring deal
Aug 4 (Reuters) - Calfrac Well Services CFW.TO investor Wilks Brothers said on Tuesday it submitted a restructuring plan to reduce the company's debt, and that its terms were better than those proposed by Canadian oilfield service provider's management.
Wilks Brothers' rival plan, which would give it 60% equity ownership for C$236 million ($176 million) in consideration, follows two earlier bids by the group to buy Calfrac's U.S. operations. Both bids were rejected by Calfrac's board.
The investor group holds about 19.78% of Calfrac's shares and more than 50% of its second-lien notes, and also owns ProFrac Services Ltd, a competitor of Calfrac in the United States.
($1 = 1.3409 Canadian dollars)
(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli)
((Arundhati.Sarkar@thomsonreuters.com; twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776;))
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