FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Press Releases / Read Press Release

Print

Tiger Group, Others to Conduct Sale of Bankrupt RoxWell Assets

August 06, 2014, 06:00 AM
Filed Under: Bankruptcy


By order of the U.S. Bankruptcy Court, Tiger Group’s Remarketing Services Division, PPL Group and RealestateAuctions.com are auctioning machine tools, rolling stock and support equipment, as well as land and a warehouse/machine shop building from oil field drilling tool company RoxWell Performance Drilling LLC.

Bidding in the online-only sale of the company’s machining and turning centers, coiled tubing and tool parts, rolling stock, office furnishings and other equipment will open August 7 at bidspotter.com, and will close in rapid succession, on August 14 at 10:30 a.m. (CT). The assets will be available for inspection at the company’s site at 9604 West Country Rd. 152 in Midland on August 13, from 9:00 a.m. to 4:00 p.m. (CT).

“Consolidated from two facilities, the RoxWell assets should appeal to a wide range of buyers.  The sale includes everything from downhole drilling tools and the manufacturing equipment that machined them to RoxWell’s manufacturing facility,” said Jeff Tanenbaum, president of Tiger Remarketing Services. “

Machine tools being auctioned include CNC machinery consisting of CNC vertical machining and turning centers, a CNC chucker and Jaw chucks. Rolling stock and support equipment up for bid include Ford Super Duty pickups, a Big Tex Trailer, a 2011 Ford Taurus,  kerosene heaters, lathes, mills, general plant equipment, and power and manual hand tools. Coiled tubing and tool parts for sale include overshots, overshot extensions and guides, mills, and tool racks. Office furnishings and equipment up for bid include computers, laptops, printers, monitors, desks, a refrigerator, and a microwave.

The real property being offered consists of an approximate 7,100-square-foot building with 6,600 square feet of warehouse/machine shop space and an office area on 2.02 acres of land. The site, which also includes a 200-square-foot metal storage building, is located about 10 minutes south of the Midland International Airport. Ideal for a machine shop or small warehouse facility, the building includes three separate bays and two roll up doors with ground level access.

RoxWell Performance Drilling LLC voluntarily filed for Chapter 11 Bankruptcy Protection in November 2013 in Texas Northern Bankruptcy Court (case number 5:13-bk-50301).

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 significant experience and 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. The company’s expertise allows it to provide the best possible financial recovery for its clients.  PPL is headquartered in Northbrook, Illinois. 

RealEstateAuctions.com is emerging as a leader in U.S. real estate auction sales. The company brings buyers and sellers together in the fastest, most transparent and mutually beneficial way to transact business: the real estate auction.





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.