Warren Zemlak, president and chief executive officer for BJ Services, said in the release that every possible outcome had been exhausted prior to filing petitions under Chapter 11 of the U.S. Bankruptcy Code.
“The industry continues to face unprecedented uncertainty caused by volatile commodity markets and significantly reduced demand due to the COVID-19 pandemic,” Zemlak said in a statement.
BJ Services is in the process of selling its cement business and portions of its hydraulic fracturing business, in order to minimize the number of jobs impacted, according to the release. Active discussions with bidders are already underway for both portions of the business.
“I want to assure our business partners that our team is as focused as ever on working with our stakeholders to procure sufficient liquidity to complete all client activities safely and in accordance with all applicable laws and regulations,” Zemlak said in a statement.