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Article: Ponder Files for Bankruptcy.(Ponder Industries)
- Article from:
- The Oil Daily
- Article date:
- June 21, 1999
CopyrightCOPYRIGHT 1999 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ponder Files for Bankruptcy
Houston-based equipment specialist Ponder Industries Inc. has filed for Chapter 11 bankruptcy protection. The company, which specializes in fishing tools and other rental equipment for drilling and workovers, has suffered a series of setbacks over the past three years.
In April 1996, it raised $10 million through the issue of 8% convertible debentures but was sued in federal court later that year for allegedly breaking an obligation to convert certain debentures. That was settled in September 1997 by converting outstanding debenture debt of $7 million into 2.2 million shares of its common stock.
It also completed a ...