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Green Field Energy Services Files for Bankruptcy Protection

Tuesday, 29 October 2013

On Sunday, Green Field Energy Services, the first ever company to run its hydraulic fracturing equipment on natural gas, filed for bankruptcy protection after failing to pay monthly instalments on two of its loans.Last month Green Field defaulted on its $80 million loan from Royal Dutch Shell, and this month it defaulted on a $250 million loan from Wilmington Trust. In total Green Field has managed to rack up at least $404 million in debt.Green Field owns a 50% stake in Turbine Power Technology, which adapts old Chinook military helicopter engines…

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