Nine Energy Service Emerges from Chapter 11 with New $135M ABL Facility and Full Equity Restructuring

summarizeSummary

Nine Energy Service, Inc. has emerged from Chapter 11 bankruptcy, finalizing a new $135 million asset-based revolving credit facility and issuing new common stock to former noteholders, while old equity was canceled.

check_boxKey Events

• Bankruptcy Emergence Finalized

  The company officially emerged from Chapter 11 bankruptcy on March 5, 2026, following the Bankruptcy Court's confirmation of its reorganization plan on March 4, 2026.

• New $135M Asset-Based Revolving Credit Facility Secured

  Nine Energy Service entered into a new $135 million senior secured asset-based revolving credit facility (Exit ABL Facility) with White Oak Commercial Finance, LLC, replacing its prior DIP ABL facility. This facility matures in three years and will be used for working capital, general corporate purposes, and refinancing.

• Complete Equity Restructuring and Change of Control

  All existing common stock (43,310,777 shares) was canceled for no consideration, resulting in a complete loss for prior shareholders. Approximately 13,950,000 new common shares were issued to former Senior Secured Noteholders, who now collectively hold 100% of the outstanding equity, signifying a change in control.

• New Board of Directors Appointed

  The terms of the previous board members expired, and a new board was appointed, including Patrick J. Bartels, Sandy Esslemont, Ann G. Fox, Jerome (Joey) D. Hall, J. Carney Hawks, and Darryl K. Willis. New non-employee directors will receive an annual cash retainer of $100,000.

auto_awesomeAnalysis

This 8-K provides crucial details regarding Nine Energy Service's emergence from Chapter 11 bankruptcy, which was previously announced. The filing outlines the new capital structure, including a substantial $135 million asset-based revolving credit facility that provides liquidity for the reorganized entity. Critically, all prior common stock was canceled, resulting in a complete loss for existing shareholders, with former noteholders now owning 100% of the new equity. The appointment of a new board and the adoption of amended corporate governance documents signal a fresh start for the company. This comprehensive restructuring fundamentally alters the company's financial and operational landscape, providing a clear path forward under new ownership and leadership.