Calfrac Well Services rejects recapitalization offer from Wilks Brothers

Calfrac Well Services Ltd. says a Texas company's proposed restructuring plan doesn't have sufficient support from unsecured noteholders and so it will continue with a debt-for-stock swap announced in July. Under the original plan, Calfrac's unsecured notes would be exchanged for shares and current shareholders would see their stake reduced to eight per cent of Calfrac's equity. Wilks Brothers, LLC of Cisco, Texas, countered that proposal on Aug. 4 with one that it said would leave Calfrac with