Green Field Energy Services Inc., an oil field service provider that defaulted on a loan last month, filed for bankruptcy in Delaware.
Green Field Energy, based in Lafayette, Louisiana, listed assets of as much as $500 million and the same amount in liabilities in the Chapter 11 filing yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
Green Field Energy defaulted on principal payment on a credit facility with an affiliate of Royal Dutch Shell Plc, triggering a cross default on $250 million of senior secured notes, Moody’s Investors Services said in a Sept. 9 report.
Moody’s cut its rating on about $200 million of Green Field Energy’s secured debt to Ca from Caa2, according to the report, and said the company didn’t have enough cash or cash flow to pay its obligations relating to interest expenses, mandatory debt amortization and capital spending.
The case is In re: Green Field Energy Services Inc. 13-12783. U.S. Bankruptcy Court for the District of Delaware (Wilmington).