Provided a guaranteed solution for the company’s rig fleet and generated additional proceeds for the estate
Client Northeast Energy
Northeast Energy was a leader in tophole drilling in the Marcellus/Utica shale and a preferred contractor for many large exploration companies. The company filed for voluntary Chapter 11 bankruptcy protection in January 2017.
As part of a joint venture, we provided a guarantee and sharing deal for the debtor and successfully sold all assets via auction. The assets consisted of Schramm T200XD 53′ drilling rigs, trailer mounted and skid mounted air compressors, boosters, generators, accumulators, trailers and a large variety of tractors, pick-up trucks, construction equipment and other drill site related equipment.
The Gordon Brothers team was able to offer a comprehensive solution to Northeast Energy and allowed them to exit their operations smoothly.