Gas Drilling Service Co. Opens Ch. 11 With $10M Transfer Suit

Law360 (June 1, 2021, 4:00 PM EDT) -- Natural gas drilling service company OFS International filed an adversary suit seeking the recovery of $10 million paid out by its parent company in 2019, opening its Chapter 11 case in Texas on Monday with claims for an allegedly fraudulent transfer of its assets.

In the complaint, OFS International LLC said its co-debtor and parent company — OFSI Holding LLC — caused the company to borrow $10 million dollars in June 2019 to allow Holding to repurchase the balance of the outstanding equity in the parent at a time when both entities were already insolvent.

TMK Steel Holding Ltd. is named...

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