Energy Equipment and Services
Company Overview of C&J Spec-Rent Services, Inc.
C&J Spec-Rent Services, Inc. offers coiled tubing and pressure pumping services for oil and gas industry. It also offers specialty equipment services. The company was incorporated in 2005 and is based in Robstown, Texas. C&J Spec-Rent Services, Inc. operates as a subsidiary of C&J Energy Services, Ltd.
4460 Highway 77
Robstown, TX 78380
Founded in 2005
Key Executives for C&J Spec-Rent Services, Inc.
C&J Spec-Rent Services, Inc. does not have any Key Executives recorded.
C&J Spec-Rent Services, Inc. Key Developments
Modified Second Amended Reorganization Plan Approved for CJ Holding Co.
Dec 16 16
The US Bankruptcy Court approved the modified second amended plan of reorganization of CJ Holding Co. on December 16, 2016. The debtor has filed its modified second amended plan in the Court on December 15, 2016. As per the amended plan, administrative claims, professional fee claims, DIP facility claims and Payment of Fees and Expenses under DIP Orders or RSA and Priority Tax claims shall be paid full in cash. Other secured claims shall be either paid full in cash or will get collateral securing the claim or will be reinstated. Other priority claims and Mineral Contractor claims expected to be in the range of $14.4 million to $16.7 million, will receive cash equal to the allowed amount. Secured Lender claims in the amount of $1.33 billion shall receive a recovery of 49.9%. Unsecured convenience claims in the range of $6 million to $6.5 million which will get pro-rata share of convenience class recovery pool, in the range of 38.5% to 40% of the allowed claim Intercompany claims and intercompany interests shall be either reinstated or cancelled and released without any distribution. General unsecured claims OF $76.1 million will get recovery in the range of 56.7% to 57.5%. Interests holders in C&J Energy and Subordinated securities claim holders shall receive pro-rata share of new Warrants, if timely accept the plan or otherwise will get no distribution. The holders of Deficiency Lender Claims have agreed to forgo their right to receive their Pro Rata share of the Unsecured Creditor Cash Pool. The plan will be funded through cash in hand, new common stock, Rights Offering of $200 million, new Warrants and proceeds of $100 million from Exit Facility.
Motion for Asset Sale Filed by CJ Holding Co.
Nov 18 16
CJ Holding Co. filed a motion in the US Bankruptcy Court for the sale of its certain assets on November 18, 2016. The debtor seeks the Court’s approval for the sale of certain assets of Total E&S, Inc. to Gardner Denver Petroleum Pumps, LLC in a private sale for a purchase price of $17.5 million pursuant to the asset purchase agreement. The debtor’s assets include all inventory, certain machinery, finished goods, intellectual property, claims and insurance policies related to its fracturing pump, power end and fluid end manufacturing, repair and refurbishment business. Adam R. Law of Vinson & Elkins L.L.P represented Total E&S, Inc. and Taurie M. Zeitzer of Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Gardner Denver Petroleum Pumps, LLC as legal advisors.
Second Amended Reorganization Plan and Disclosure Statement Filed by CJ Holding Co.
Nov 3 16
CJ Holding Co. filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on November 3, 2016. As per the amended plan, secured lender claims shall have recovery of 49.9% instead of 53% in previous plan. The plan has a new class of unsecured convenience claims in the range of $6 million to $6.5 million which will get pro-rata share of convenience class recovery pool, in the range of 38.5% to 40% of the allowed claim. General unsecured claims has been re-estimated at $68.2 million to $76.1 million and will get recovery in the range of 56.7% to 57.5%. Treatment of all the other classes of claims remain same as per the previous plan. CJ Holding Co. filed modified second amended plan of reorganization on December 15, 2016. As per the modified plan, there shall be no changes in the treatment of any claim class.
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