Shares of FTS International, Inc. (AMEX: FTSI) soared 40.67% after the company has revealed its reorganization plan. FTSI disclosed that the US Bankruptcy Court of Southern district has confirmed a Plan of reorganization.
The plan was confirmed at a hearing on November 4, 2020. As per the Confirmed Plan, the company has revealed that it has removed all its prepetition funded debt. The company prepetition funded debt was approximately $437 million.
The main purpose of the confirmed plan is to ensure that the suppliers, vendors, and buyers of the company were remained unaffected by the reorganization.
Furthermore, the company has earlier revealed that it has resolved all the disputes with Covia Holdings Corporation.
Shares of FTS International, Inc. (NYSE: FTSI) soared 40.67% at $4.60 during the trading session of Friday. It has a trading volume of 7.16 million as compared to the average volume of 219.11K. In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $1.01 and a high of $33.00.
Turning our focus on its liquidity, it has a current ratio of 2.10. This company market capitalization has remained high, hitting $23.37 million at the time of writing.
It is expected that The Confirmed Plan will be completed in the coming weeks. The company has expected that it will emerge from Chapter 11 proceeding by the end of November of 2020.