Tri-Point Oil & Gas Production Systems LLC will liquidate its assets to pay off creditors after a deal to sell its oil and gas production and processing equipment business fell through.
The Houston-based company expects that liquidation proceeds will repay first-lien and priority secured creditors in full. Holders of asset-based loans and term loan lenders are expected to get 6.25% of their claims or less. Unsecured creditors will get nothing.
Judge David R. Jones of the U.S. Bankruptcy Court of the Southern District of Texas confirmed the company’s Chapter 11 plan of liquidation and company disclosures Thursday.
Tri-Point filed for ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.