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Cross Ocean Partners
Trends
- 1Cross Ocean converts $32.4M in KLXE notes to shares▼About $32.4M in notes plus interest became KLX Energy (KLXE) shares for Cross Ocean.
Cross Ocean Partners has converted roughly $32.4 million in notes plus accrued interest into KLX Energy Services (KLXE) shares, a debt-for-equity swap that expands the fund's ownership stake in the oilfield services company. Conversions of this size can dilute existing shareholders and often signal a creditor moving closer to control of a company under financial pressure.
- 2Cross Ocean Partners Gains Board Seat at KLX Energy▼Cross Ocean Partners Management Secures Board Seat Right at KLX Energy with 21.3% Stake
Cross Ocean Partners Management has secured the right to a board seat at KLX Energy Services after building a 21.3% stake in the company. The move gives the investment firm direct influence over the energy services provider's strategy and decisions. Market watchers are following what the activist-style position could mean for KLX Energy's direction.