Forum Energy Tech: Plunges on bankruptcy warning

Forum Energy Technologies

06/07/2020 14:23

** Shares of the oilfield services provider  FET.N  slump
19% to $0.395 premarket; among top losers on NYSE
    ** FET says it might consider bankruptcy filing among other
options; is offering to exchange senior notes due 2021
    ** Expects "significant" negative impact on demand for
products, results of operations over next several qtrs hit by
the prolonged slump in oil prices  urn:newsml:reuters.com:*:nFWN2ED0BE    
    ** Says it has made many cost-saving moves, including
layoffs, salary cuts for exec officers and closing certain
facilities
   ** Stock down ~71% YTD, as of last close 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))