Finance News

Wilks Brothers to acquire CARBO Ceramics under bankruptcy process

Texas-based CARBO Ceramics has reportedly signed an agreement with Wilks Brothers LLC and Equify Financial under which they are to acquire CARBO via debt-for-equity exchange. The deal us pursuant to a plan of reorganization under the Chapter 11 bankruptcy case.

Reportedly, to facilitate the transaction, CARBO Ceramics opted for a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas. The company aims at continuing its usual workings throughout the Chapter 11 process.

According to Gary Kolstad, CEO and Chairman, CARBO Ceramics, the company has faced extreme challenges similar to many other firms concentrated around the oil and gas sector. CARBO has signed an agreement with Wilks to ensure financial and business stability and the transaction will assist in maximizing the value and extending enhanced services to the customers, he further added.

As per reliable sources, the Wilks Brothers are expected to invest US$15 million in debtor-in-possession financing and agreed to use its cash to fund CARBO’s operations and for boosting its financial position. This will help the company to carry out its operations through the restructuring process.

For the record, the fulfillment of the plan and the restructuring process are subject to the consent of the bankruptcy court.

Established in the year 1987, CARBO Ceramics is a leading technology company that offers products and services to various markets such as agricultural, environmental, oil and gas and industrial to increase its customer value.

CARBO Environmental Technologies is a prominent name in the provider of spill prevention and containment solutions that deliver superior levels of protection to the client’s assets as well as the environment for the oil and gas and industrial sectors.

CARBO Oilfield Technologies supplies advanced technologies to design engineered production improvements that assist the E&P operators to create, build and optimize well production and lower finding and development cost per barrel oil equivalent.

CARBO Industrial Technologies on the other hand is a key provider of superior performance ceramic media and industrial solutions developed to enhance the process efficiency, reduce the cost of operations and improve the quality of the product.


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Pankaj Singh

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