Forbes Energy Services Files For Bankruptcy In Texas

By Tomi Kilgore Markets MarketWatch Pulse

Forbes Energy Services Ltd. said Monday it has filed for bankruptcy, in the southern district of Texas-Corpus Christi. The oilfield services contractor said it has ample liquidity to support its business during the chapter 11 reorganization, which provides for a facility of $50 million to be funded by certain bondholders to ensure working capital. The stock, which traded on the OTC Pink Sheets, had tumbled 58% over the past three months.

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