⛽️New Chapter 11 Bankruptcy Filing - Patriot Well Solutions LLC⛽️
Oilfield services company files in Texas. White Deer is stalking horse.
|Jul 21|| 1|
July 20, 2020
And YET ANOTHER oilfield services company in bankruptcy. Colorado-based Patriot Well Solutions LLC provides coiled tubing, nitrogen & pumping services, wireline logging and perforating services and crane services to the oil and gas industry in North Dakota, Wyoming, Colorado and Texas; it filed its chapter 11 petition in the Southern District of Texas to pursue a sale of substantially all of its assets. Backed by White Deer Energy LP II and MBH Energy Resources LLC, the company was formed in early 2016. White Deer has committed to providing a $9.4mm DIP and will serve as the company’s stalking horse purchaser.
Jurisdiction: S.D. of Texas (Judge TBD)
Capital Structure: TBD
Legal: Squire Patton Boggs LLP (Christopher Giaimo, Travis McRoberts, Kelly Singer, Jeffrey Rothleder)
Managers: Ben Guill, James Meneely III, Eric White, Michael Tangedahl, Robert McNally
Financial Advisor/CRO: Sonoran Capital Advisors (Matt Foster, Dax Murray, Ry Neri)
Investment Banker: Piper Sandler & Co./Simmons Energy
Claims Agent: Stretto (*click on the link above for free docket access)
Other Parties in Interest:
Pre-petition Lender, DIP Secured Lender & Stalking Horse Purchaser: White Deer Energy LP II
Legal: Locke Lord LLP (Philip Eisenberg, Simon Mayer)