Calfrac wins another fight with Wilks Brothers over recapitalization plan

Calfrac truck Image: JWN Energy file photo

Calfrac Well Services Ltd. has won another round with Wilks Brothers LLC over its recapitalization plan.

The Calgary-based oilfield services company says the Ontario Securities Commission has dismissed an attempt by Wilks to set aside a decision by the Toronto Stock Exchange related to the plan.

Calfrac closed its recapitalization in December 2020.

Wilks, which attempted a hostile takeover of Calfrac last year, opposed the plan to have the holders of senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

In May, the Supreme Court of Canada declined to hear an appeal by Wilks which sought to overturn the court approval of the plan.

Calfrac says it will now focus on a pending appeal by Wilks to the U.S. Court of Appeals for the Fifth Circuit regarding a decision affirming recognition of the recapitalization plan in the U.S.

© 2021 The Canadian Press

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