RE:What happened to Calfrac? Well they did the refinance to avoid going officially bankrupt. But yes, due to their massive debt at the time and revenue drop during COVID they could not pay their liabilities. They converted around 600 million debt to shares at rock bottom and did a crispy reverse split , crushing previous shareholders to stay alive.
Company has many very loyal clients and talented people and are expected to have an exceptional year ahead with earnings. They have been given a second chance at life and in my opinion with the reduced debt on balance sheet and major uptick for fracking for 2022/2023 they should be back to positive earnings very soon. I like to think that Market cap and EV should return to pre-pandemic levels which historically speaking is in the 1 billion plus range when the industry is busy. Could benchmark 2018 for example .
disclosure: I am very bullish and this is just my thoughts. Have been waiting for a swing up to fair market value for a year already. But I have never felt more confident in this okay this than today