Nuverra Environmental Files for Chapter 11 Bankrutpcy

Nuverra Environmental Solutions (formerly Heckmann) is one of the largest companies in the United States that handles transportation and disposal of shale drilling wastewater and leftover rock and dirt from drilling. The company has major operations in the Marcellus/Utica region. In January 2016, the company, going through tough economic times, was de-listed from the New York Stock Exchange (see Nuverra Environmental Delisted from NYSE, Now a Penny Stock). In April they issued a full year 2016 update showing a $169 million loss for the year (see Nuverra Environmental 2016 Update – Red Ink Slows, Some). Although Nuverra says they had previously floated a “prepackaged plan of reorganization”–a euphemism for bankruptcy–we certainly hadn’t seen or heard of it. So we were somewhat (but not totally) surprised to see an announcement from Nuverra that the company has, as of today, filed for Chapter 11 bankruptcy…

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