Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet. 

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Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the prepackaged approval, the Fort Worth, TX-based operator on Tuesday filed for Chapter 11 protection in U.S. Bankruptcy Court for the Southern District of Texas.

“The company will continue to operate in the ordinary course of business during the restructuring,” using existing cash for funding, it said. The initial agreement called for erasing about $437 million of debt. The cash balance as of last Friday (Sept. 18) was $161...