CARBO Ceramics has reached an agreement with Wilk Brothers and Equify Financial for Wilks Brothers to acquired the company in a debt-for-equity exchange as part of a Chapter 11 bankruptcy case. The company has initiated a voluntary Chapter 11 process in the Southern District of Texas. CARBO expects to continue operations throughout the process.
Wilks Brothers have committed to $15 million in debtor-in-possession financing. CARBO was advised by Perella Weinberg and FTI Consulting.