US proppant player Emerge Energy Services has agreed with its debtholders to seek an out-of-court financial restructuring amid weak pricing in the frack sand market, writes Caroline Evans.
The company may pursue an in-court re-organisation through a Chapter 11 bankruptcy filing if the out-of-court restructuring is not possible, it said.
Suppliers of proppant to hydraulic fracturing projects in US shale basins have recently been rocked by a collapse in sand prices resulting from a slowdown in activity late last year in major plays.
