He said he did not know how many people have been laid off. The employees who remain in the Houston and Alice main offices are in accounting to work through the bankruptcy restructuring. The international oilfield service and rental tool company voluntarily filed after it had unsuccessfully pursued a merger partner, debt refinancing and equity funding. Ponder has 120 days of protection to reorganize. Kay said a new owner through a sale or merger is still an option.
All assets are intact and being preserved for that possibility.
Unsecured debt does not identify specific assets that can be taken over by the debtholder in case of default. In the event of default, secured debt has first claim on specified assets. Ponder chief financial officer Gerald Slaughter could not be reached for comment Friday. A February filing with the Securities and Exchange Commission noted that the company was slipping because of continued low oil prices. As a consequence, fewer wells means fewer opportunities to use Ponder equipment.