⛽️ New Chapter 11 Bankruptcy Filing - Permian Holdco 1 Inc.

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Permian Holdco 1 Inc.

July 19, 2020

Permian Holdco 1 Inc. and three affiliates (the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware. We know. It’s shocking. How in hell could a manufacturer of above-ground wellsite fluid containment and processing systems for oil and gas E&P companies be in trouble?!? The debtors’ pre-pretition lender will serve as DIP lender ($5mm) and stalking horse purchaser, credit bidding the DIP and prepetition credit facility amount ($28.6mm) as appropriate/necessary. Riveting stuff.

  • Jurisdiction: D. of DE (Judge Walrath)

  • Capital Structure: $28.6mm RCF & TL (New Mountain), $19.435mm unsecured promissory notes

  • Professionals:

    • Legal: Young Conaway Stargatt & Taylor LLP (M. Blake Cleary, Robert Poppiti Jr., Joseph Mulvihill, Jordan Sazant)

    • Financial Advisor/CRO: CM Advisory LLC (Chris Maier)

    • Investment Banker: Seaport Gordian Energy LLC

    • Claims Agent: Epiq Corporate Restructuring LLC (*click on the link above for free docket access)

  • Other Parties in Interest: