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.
To view this content, log into your member account. (Not a member? Join Today!)