Oil Well Services Co. Patriot Eyeing Quick Ch. 11 Sale Process

By Rick Archer (July 22, 2020, 8:22 PM EDT) -- Oil well services company Patriot Well Solutions told a Texas bankruptcy court Wednesday that it hopes to have its going concern asset sale over and done within 60 days to ensure a speedy exit from Chapter 11.

At a remote hearing Wednesday, counsel for Patriot told U.S. Bankruptcy Judge David Jones that with a $12 million part-credit stalking horse bid in hand from the company's equity owner and debtor-in-possession lender, it hopes to conclude the sale process by mid-September.

"This is not a case that has a lot of revenue, and therefore not a case that can withstand a long bankruptcy...

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