GasFrac applies for bankruptcy protection

GasFrac Energy Services Inc., a drilling company known for its use of a gelled propane technology, filed for court protection from creditors under the Companies’ Creditors Arrangement Act (CCAA) on Jan. 15 after it failed to find a buyer or attract new customers. The company says all of its subsidiaries have received protection from its creditors under the CCAA, aside from the company’s primary secured lender, PNC Bank Canada Branch.

The bankruptcy protection form expires on Feb. 9. The company says it plans to use this period to attempt to restructure and reorganize its assets, business and financial affairs.