Bankrupt offshore oil servicer Epic Companies LLC will sell its assets to senior lender White Oak Global Advisors LLC for $48.9 million, after failing to stir sufficient interest from other bidders.
No other qualified bids that could top White Oak’s floor-price offer emerged prior to a Nov. 8 deadline for a planned auction, Epic said in a Nov. 11 filing at the U.S. Bankruptcy Court for the Southern District of Texas.
White Oak is credit-bidding for Epic’s assets, or agreeing to forgive $48.9 million worth of secured debt, and will also assume $40 million in liabilities stemming from a pre-bankruptcy ...
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