Forbes Energy Services Files For Bankruptcy In Texas

By Tomi KilgoreMarketsMarketWatch 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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