FTS International Inc. plans to voluntarily file for bankruptcy in the coming weeks in order to implement a prepackaged Chapter 11 plan of reorganization.

The Fort Worth, Texas-based pressure pumper announced the plan on Aug. 24 alongside a restructuring support agreement with a majority of its lenders. The agreement outlines a comprehensive restructuring to deleverage FTS International’s balance sheet by $437.3 million, “paving the way for future strategic growth,” the company release said.

FTS is an independent hydraulic fracturing service company and one of the only vertically integrated service providers of its kind in North America. However, the company has been hit hard by a pullback in activity from U.S. shale producers responding to the COVID-19 pandemic driven downturn.

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