Have you suffered losses investing in Green Field Energy Services 13% Senior Secured Notes Due 2016? If so, The White Law Group may be able to help.
According to Bloomberg, on May 12, 2014, Green Field Energy Services Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Green Field Energy Services Inc. offers oilfield services. Green Field Energy Services, Inc. sold its entire portfolio of equipment and inventory assets, including over 3,500 pieces of state-of-the-art well services and hydraulic fracturing equipment, to Gordon Brothers Group.
The company was formerly known as Hub City Industries, LLC and changed its name to Green Field Energy Services Inc. in 2011. Green Field Energy Services Inc. was founded in 1969 and is headquartered in Lafayette, Louisiana.
Sierra Income Corp, a non-traded BDC that The White Law Group has been investigating for some time, has invested a portion of their portfolio in Green Field Energy Services. For more information on Sierra Income Corporation, click here.
High-yield bonds—also called non-investment-grade bonds, speculative-grade bonds, or junk bonds—are bonds that are rated below investment grade, typically ‘BB’ or lower by Standard & Poor’s and ‘Ba’ or lower by Moody’s. They pay high yields to bondholders because the borrowers credit ratings are less than pristine, making it difficult for them to acquire capital at an inexpensive cost. Junk bonds carry an above average risk that the issuer will default on the bond. The increased risk makes them arguably unsuitable for many investors.
Brokerage firms that sell such products are required to perform adequate due diligence on the investments to ensure a reasonable likelihood of success, and to evaluate whether the investments are suitable in light of the client’s age, net worth, investment experience, and investment objectives. Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim.
If you suffered losses investing in Green Field Energy Services bonds or Sierra Income Corporation and would like a free consultation with a securities attorney, please call The White Law Group at 888-637-5510.
The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.