Offshore oil industry servicer Epic Companies LLC confirmed a plan to liquidate in Chapter 11 bankruptcy and set up a litigation trust for the potential benefit of unsecured creditors.
The Houston-based company, which sold most of its assets to lender White Oak Global Advisors LLC, received Chapter 11 plan approval Wednesday at the U.S. Bankruptcy Court for the Southern District of Texas.
Epic’s plan was substantially supported by two classes of secured lenders and a class of general unsecured creditors, which is projected to recover up to 11% on claims against the company.
Unsecured creditors are poised to benefit from ...
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