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...
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