Oil Field Vendor Nine Files Bankruptcy to Cut $320 Million Debt

Nine Energy Service Inc., a Houston-based oil field vendor, filed for Chapter 11 bankruptcy on Sunday as it struggled with high leverage and a shrinking business amid a slowdown in drilling programs.

The deal will see a “complete equitization” of its $320 million first-lien notes due 2028, according to . The company first sold bonds to fund an acquisition of peer Magnum Oil Tools in 2018, and later refinanced that debt into the 13% first-lien notes.