Nine Energy Service, Inc. has reached an agreement with its debtholders on a comprehensive recapitalization transaction to strengthen its capital structure and support long-term financial health. The company has filed a voluntary, prepackaged Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas, with its U.S. and Canadian operations included in the filing. Nine Energy Service has secured a commitment for $125 million in new financing to support ongoing operations and expects to emerge from the process within 45 days. The company will continue to operate as usual, with all vendors to be paid in full and employees to receive regular pay and benefits. The restructuring will eliminate approximately $320 million of senior secured notes and reduce annual interest expenses by about $40 million.

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