Supreme Court refuses to hear Wilks appeal of ruling on Calfrac recapitalization

CALGARY — Calfrac Well Services Ltd. has won its legal battle with a Texas rival that mounted an unsuccessful takeover attempt after the Supreme Court of Canada declined to hear an appeal.

Wilks Brothers LLC wanted to appeal a decision from the Court of Appeal of Alberta that approved a lower court’s approval of Calfrac’s recapitalization transaction.

The Texas-based firm had opposed Calfrac’s recapitalization plan to have the holders of senior unsecured notes swap debt for shares, leaving existing shareholders with a reduced stake in the company.

The Calgary-based oilfield services company fought off a hostile takeover attempt by Wilks in 2020.

Wilks Brothers has also applied to the Ontario Securities Commission requesting a review of the Toronto Stock Exchange’s decision in the case.

In a news release announcing the Supreme Court’s decision, Calfrac says it believes the TSX acted appropriately within its jurisdiction in granting such relief and is opposing the OSC application slated to be heard in July.

This report by The Canadian Press was first published May 27, 2021.

Companies in this story: (TSX:CFW)

The Canadian Press

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