FTS has begun a new life with a new common stock offering commencing from today on NYSE under ticker ‘FTSI’.
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FTS International, Inc. (FTSI) fights a tough period as it is back with a new starting. One of the largest well completion companies in North America, FTS has completed its fully consensual financial restructuring. The company is finally out of Chapter 11 bankruptcy.
Shares of FTS are pumping higher in the market as investors return to invest in the oil company. The stock surged higher in yesterday’s trading session closing at $8.99.
Today, FTSI surged up to 75% in the premarket with the trading volume rising to 2.2 million from an average of 368K.
After opening the session at $15, FTSI is trading at $14.97 soaring by 66.52% as we write this.
The company has recovered its financial situation and improved its cash capacity. It’s the beginning of a new era after surviving the bankruptcy. The Chief Operating Officer of FTS, Michael Doss expressed that they are back with long-term aims, and to create worth for its stakeholders. In a statement he said:
“We have quickly and efficiently completed our financial restructuring and emerge with sufficient cash and revolving credit capacity to deploy stacked fleets, invest in new technology, rebuild working capital and create long-term value for our stakeholders.”
FTS International is focused on improving its operational performance and attract new customers. As the world once again begins operations, the company believes that it will benefit from increasing customer demand.
The oil company has some new owners that bring an in-depth market experience which includesGlendon Capital Management, Amundi Pioneer Asset Management, Wilks Brothers, and the Wexford Capital.
Mr. Doss expects the new owners to be active shareholders and help the company to reach new heights. At one point the CEO said that FTS now has one of the cleanest balance sheets of any publicpure-play, pressure pumping company.
On Nov. 4, 2020, the U.S. Bankruptcy Court for the Southern District of Texas confirmed FTS’s pre-packaged plan of reorganization. Following that, the company deleveraged its balance sheet. FTS anticipates having almost $90 million cash on hand.
In order to support working capital, the company agreed to a $40 million asset-based revolving credit facility with Wells Fargo Bank.
With the cancelation of prior existing equity interests, FTS now has almost 13 million new Class A common stock shares outstanding, along with 49 million shares authorized at emergence. The shares are available from today (Nov. 20, 2020) for trading on NYSE.
In addition, the company also has almost 312K+ new class B common stock shares outstanding, along with 1 million shares authorized at emergence.
The BoDs of FTS International, Inc. (FTSI) has approved the adoption of a stockholder rights agreement. The board has also announced a dividend distribution of one right for both Class A and Class B common stock outstanding as of record Nov. 30, 2020.
FTS International is now on a new journey, the future of the company will base on its long-term plans and projects that will set the tone for future progress.
