Frac Specialists Cuts Debt but Still Has to Make Chapter 11 Filing

NEW YORK (The Deal) -- Despite reducing what it owes Capital One Bank NA by $15 million since January, oilfield services provider Frac Specialists LLC has filed for bankruptcy with plans to restructure its prepetition debt. The Midland, Texas, company and affiliates Acid Specialists LLC and Cement Specialists LLC submitted a Chapter 11 petition in the U.S. Bankruptcy Court for the Northern District of Texas in Fort Worth on Sunday, May 17. The companies requested joint administration in a motion...