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

By Vince Sullivan (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Attached Documents

Related Sections

Law Firms

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!