Six years ago, Canadian oilfield services firm Calfrac Well Services ( CFW.TO ) commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac’s market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company’s debts in June, a regulatory filing showed, preparing to salvage what they can from restructuring. The Canadian industry has borrowed heavily to survive a series of catastrophes, and is facing C$6 billion in refinancing in the next six months, the Bank of Canada said in May. This year’s maturing energy debts are the most on record for the fourth year in a row and a more than 40% increase over 2019, according to Refinitiv data. They […]