Bankrupt Green Field Gets Nod To Sell JV Stake For $17.8M

Law360, Wilmington (March 25, 2014, 6:21 PM EDT) -- A Delaware bankruptcy judge on Tuesday gave the go-ahead for oil field services company Green Field Energy Services Inc. to sell its stake in a joint venture, approving a credit bid from bondholders valued at nearly $17.8 million.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross blessed the deal, which will see Green Field noteholders exchange $17.78 million in bonds for the company's 50 percent equity stake in nondebtor Turbine Powered Technology LLC.

“This transaction is in best interest of debtors' estates, and I'd...
To view the full article, register now.