Fracker BJ Services Files for Chapter 11 Bankruptcy

BJ Services, a pressure pumping (i.e. fracking) company, began life in the 1870s. BJ was purchased by, and merged into, Baker Hughes in 2009 for $5.5 billion. In November 2016, Baker Hughes along with financial partners Goldman Sachs and CSL Capital Management combined forces (and money) to turn the Baker Hughes BJ division back into a standalone company (see Baker Hughes, CSL & GS Form New US Fracking Co: BJ Services). On Monday the reconstituted BJ Services filed for Chapter 11 bankruptcy and announced they are in talks to sell off most of their assets.

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment