C&J, which is majority-owned by drilling giant Nabors Industries, has won over lenders holding more than 50% of the company’s $1.4 billion secured debt with a plan that will swap out almost all of the company’s debt for equity.
"We are pleased to enter into this restructuring support agreement, which is a significant step forward in our ongoing efforts to delever our capital structure, strengthen our business and respond proactively to the challenging market environment,” chief executive Don Gawick said.
