November 12, 2019
Houston-area-based offshore oil servicer Epic Companies LLC, now in bankruptcy, says it will sell its assets to senior lender White Oak Global Advisors LLC.
There were no other qualified bids submitted that were able to top the minimum that New York City-basedWhite Oak offered, which emerged just before a November 8th deadline for an auction, according to a November 11th filing at the US Bankruptcy Court for the Southern District of Texas.
Bloomberg News reports Epic’s secured debt at $48.9 million, plus $40 million in liabilities included in a pre-bankruptcy agreement, as part of a credit-bid for Epic’s assets.
Epic Companies LLC and six affiliated companies filed for chapter 11 on August 26, 2019.