Sale of PE-Backed Energy Business Collapses Amid Oil Selloff

The proposed buyer for Tri-Point Oil & Gas Production Systems LLC backed away from the deal due to recent changes in the economy and oilfield services sector, according to a court filing.

• Tri-Point, owned by First Reserve, filed for bankruptcy this week and will liquidate its business since it no longer has a going-concern buyer, Chief Executive Officer Jeffrey Martini says in court declaration
• The proposed buyer, who would have served as a so-called stalking-horse bidder setting a floor for further bids in bankruptcy, told Tri-Point it was no longer interested in the deal as of March 13
  • Without ...