Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
Bankrupt Company to Liquidate; Unable to Find Buyer
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First Reserve-backed oilfield services company Tri-Point Oil & Gas Production Systems LLC will liquidate in Chapter 11 following the collapse of a prepetition sale.
The company filed documents during the week of March 16, 2020 for an orderly liquidation of the assets. The company currently owes about $45 million to Wells Fargo and others. This development shows that not even PE-backed companies are being spared. Filing here.
The company said, "In light of current market conditions in the oilfield services sector and the global economy, the Debtors were informed by a proposed stalking horse bidder that it was ceasing due diligence and would not enter into an asset purchase agreement for a sale of the business as a going concern as of March 13, 2020."
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