Bankrupt Green Field's $50M Equipment Sale Plan OK'd
By Matt Chiappardi
Law360, Wilmington (February 19, 2014, 3:41 PM ET) -- A Delaware bankruptcy judge gave the thumbs up Wednesday to oil services company Green Field Energy Services Inc.'s plan to sell some of its equipment for at least $50 million over the objection of the U.S. Trustee's Office, which was concerned the bid procedures would scare off potential suitors.
Arguing for the bankruptcy watchdog, U.S. Justice Department attorney Tiiara N. A. Patton contended that an initial overbid of nearly $69 million to directly purchase the assets and best the stalking horse bid from a Gordon Brothers...