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Tiger Group, PPL to Conduct Auction for West Texas Drilling Company

June 17, 2014, 03:03 PM
Filed Under: Bankruptcy

By order of the U.S. Bankruptcy Court, Tiger Group’s Remarketing Services Division, Auction Resolutions LLC and PPL Group LLC will conduct a live webcast auction at 10:30 a.m. (CT) on July 1 for four complete trailer-mounted drilling rigs, rolling stock, tubulars, and support equipment owned by Sandia Drilling Co. Ltd, LLP and affiliate Sandia Drilling of Texas, LLC.  The live auction will be followed by a sealed bid offering of four complete substructure rigs from the company’s operations.

“Sandia spent considerable money upgrading and refurbishing their rigs and support equipment over the years,” said Kelly Toney, President of Houston-based Auction Resolutions. “We are confident that buyers will find tremendous value in this auction opportunity.”

Key assets featured in the auction include four Spencer Harris 7000 750 HP, three-axle trailer-mounted drilling rigs; nearly 100,000 feet of tubulars; as well as components that include triplex and duplex mud pumps, generator sets, diesel engines, tool-pusher's quarters, top doghouses, crew change/parts houses, and variety of other support equipment.
The auction’s rolling stock includes Kenworth, Freightliner, Mack, and International tandem and tri-axle rig-up and winch trucks; three, four and five axle trailers of up to 70 tons; light-duty trucks; passenger trucks, and more.

The assets being offered in the sealed bid sale include a Skytop Brewster N-85, 1,250 HP drilling rig; an RMI 750, 1,000 HP drilling rig; and two Spencer Harris 7000, 1,000 HP drilling rigs. Each unit is complete and ready to drill.

Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger’s seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger’s collaborative, straight-forward approach is the foundation for its many long-term ‘partner’ relationships and decades of success. Tiger operates main offices in Boston, Los Angeles and New York.

PPL Group LLC is a private equity firm which brings decades of experience and its significant capital to help businesses monetize commercial assets.  PPL has worked with hundreds of small to middle-market businesses during turnaround, restructuring, and bankruptcy situations. The company also serves large corporations in the recovery of maximum values for their idle and surplus assets.  PPL is a leader in the industrial liquidation and auction business, with a focus on complete plant liquidations and auctions.

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