Oil Equipment Maker Pivots To Liquidation After Sale Fails
By Rick Archer (March 18, 2020, 9:03 PM EDT) -- A Texas bankruptcy judge on Wednesday approved $6 million on debtor-in-possession financing to see oil and gas equipment manufacturer Tri-Point Oil & Gas Production Systems through a liquidation after its sale plans fell through as the coronavirus hit the U.S. economy.
At a hearing Wednesday, Tri-Point told U.S. Bankruptcy Judge David Jones that the company had been preparing for a going-concern Chapter 11 sale since early this year only to find itself with no bidder after last week.
"The case had to pivot very quickly," Tri-Point counsel Joshua Wolfshohl of Porter Hedges LLP said.
The Houston-based company designs, manufactures and sells oil and...
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