Pandemic Shunts Oil And Gas Storage Tank Biz Into Ch. 11

Law360 (July 20, 2020, 12:25 PM EDT) -- Oil and gas storage tank business Permian Tank & Manufacturing Inc. hit Chapter 11 in Delaware, citing the decline in oil and gas prices connected to the COVID-19 pandemic as a primary reason for its trip into bankruptcy as it seeks to sell its assets.

In petitions filed in Delaware, the Texas-based company and three affiliated holding companies hit Chapter 11. The debtors will be seeking court approval for up to $5 million in debtor-in-possession financing to be administered by New Mountain Finance Corporation, according to a Monday court filing. The DIP financing would also include the roll up of $1.275...

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