FTS International

Texas fracking servicer files for Chapter 11 bankruptcy

Texas fracking services provider FTS International Inc. (NYSE: FTSI) filed for Chapter 11 bankruptcy Tuesday, citing slumping oil and gas prices caused by a severe dropoff in demand during the coronavirus pandemic.

Fort Worth-based FTS International listed assets totaling $517.2 million and debts totaling $535.3 million. The company filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas in Houston.

In its Chapter 11 filing, FTS noted between 200 and 999...

https://s29755.pcdn.co/news/texas-fracking-servicer-files-for-chapter-11-bankruptcy

Texas appeals court wipes out $31.6M nuclear verdict as ‘excessive’

A three-judge panel of the Court of Appeals for the 12th District in Tyler, Texas, has granted FTS International Services and one of its former drivers a new trial over what it deemed an “excessive” $31.6 million verdict awarded to a motorist allegedly injured during an accident.

The panel reversed a judgment in favor of motorist Joshua Patterson that had included $26.3 million in compensatory damages and $5.3 million in punitive damages.

Patterson alleged that he was injured when former FTS...

https://s29755.pcdn.co/news/texas-appeals-court-wipes-out-316m-nuclear-verdict-as-excessive