February 22, 2018 11:38 AM ET

Energy Equipment and Services

Company Overview of C.C. Forbes, LLC

Company Overview

C.C. Forbes, LLC operates as an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies. It offers well servicing, fluid logistics, and tube-testing services. C.C. Forbes, LLC has operations in the major onshore oil and natural gas producing regions of Texas. The company was founded in 2003 and is headquartered in Alice, Texas. C.C. Forbes, LLC operates as a subsidiary of Forbes Energy Services, LLC.

3000 South Business Highway 281

Alice, TX 78332

United States

Founded in 2003

1,222 Employees

Phone:

361-396-1898

Fax:

361-396-1876

Key Executives for C.C. Forbes, LLC

Chief Executive Officer, President and Manager
Age: 63
Chief Financial Officer, Principal Accounting Officer, Senior Vice President and Secretary
Age: 63
Chief Operating Officer and Executive Vice President
Age: 55
Compensation as of Fiscal Year 2017.

C.C. Forbes, LLC Key Developments

Modified Pre-Packaged Joint Reorganization Plan and Disclosure Statement Approved for Forbes Energy Services Ltd.

The US Bankruptcy Court approved the prepackaged joint plan of reorganization of Forbes Energy Services Ltd. on March 29, 2017. The Court also approved the disclosure statement of Forbes Energy Services Ltd. on March 29, 2017. The debtor has filed its prepackaged joint plan and disclosure statement in the Court on January 22, 2017, which was modified on March 22, 2017. As per the approved plan, administrative claims, priority tax claims, other priority claims shall be paid in full in cash. Other Secured Debt Claims in the amount of $1.5 million shall be paid in full in cash. Senior Secured Debt Claims in the amount of $24.01 million shall be paid in full in cash. Senior Unsecured Notes Claims in the amount of $312.33 million shall receive its pro rata share of $20 million in cash and 100% of the New Common Stock. General Unsecured Claims in the amount of $8 million shall receive Cash in an amount equal to such allowed claim. Intercompany Claims will be reinstated. Equity Interests in parent will be deemed cancelled upon the effective date. On the effective date, reorganized parent will own 100% of the equity interests in subsidiaries, directly or indirectly. The plan shall be funded through cash on hand, issuance of equity and exit financing in the amount of $50 million.

Motion for Asset Sale Approved for Forbes Energy Services Ltd.

The US Bankruptcy Court approved the sale of certain assets of Forbes Energy Services Ltd. on February 10, 2017. As per the order, debtor has been authorized to sell 105 excess, aged trucks to Dealer Title Transfer, Inc. for $0.67 million, as per the agreement dated November 17, 2016. Tranche 1 of the agreement closed on November 21, 2016. Tranche 2 is still pending. Debtor also entered into the agreement with Dealer Title Transfer, Inc. to sell 142 excess, aged trucks for $1.28 million, as per the agreement dated January 12, 2017.

Motion for Asset Sale Filed by Forbes Energy Services Ltd.

Forbes Energy Services Ltd. filed a motion in the US Bankruptcy Court seeking approval for the sale of certain assets on January 26, 2017. As per the motion, debtor seeks to sell 105 excess, aged trucks to Dealer Title Transfer, Inc. for $0.67 million, as per the agreement dated November 17, 2016. Tranche 1 of the agreement closed on November 21, 2016. Tranche 2 is still pending. Debtor also entered into the agreement with Dealer Title Transfer, Inc. to sell 142 excess, aged trucks for $1.28 million, as per the agreement dated January 12, 2017.

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Recent Private Companies Transactions

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No transactions available in the past 12 months.
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