Oil industry servicer Permian Holdco 1 Inc. won bankruptcy court approval to sell its assets to its lender, an affiliate of New Mountain Finance Corp., in exchange for the forgiveness of $30 million of debt claims.
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the deal during a telephonic hearing Tuesday, capping a Chapter 11 sale process initiated before the company sought bankruptcy protection.
The sale follows approval last month of a claims settlement between the company, unsecured creditors, and New Mountain. The credit bid for the assets derives from New Mountain’s existing ...
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