Axip Receives Court Approval for Sale of Substantially All Assets to Service Compression, LLC
Axip Energy Services, LP and certain of its affiliates (collectively “Axip” or the “Company”) and Service Compression, LLC (“Service Compression”) today announced that the United States Bankruptcy Court for the Southern District of Texas (the “Court”) has approved an Asset Purchase Agreement (the “Stalking Horse APA”) for the sale of substantially all of Axip’s assets and business operations to Service Compression for a purchase price of $161 million, subject to adjustment, in connection with Axip’s court-supervised Chapter 11 sale process.
Axip Takes Strategic Action to Facilitate a Value-Maximizing Sale and Support Ongoing Operations
Axip Energy Services, LP and certain of its affiliates (collectively “Axip” or the “Company”), leading providers of natural gas compression services, today announced that they have filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas (the “Court”) to facilitate a sale process for the Company’s assets and business operations. The Company intends to continue operating its business in the ordinary course throughout the Chapter 11 sale process.
