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Strike gets approval of bid procedures, despite creditor concerns
By Sarah Lizee
Olympia, Wash., Dec. 23 – Strike, LLC received approval of the bid procedures for substantially all of its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.
The company also received court approval of Strike Acquisition LLC, an affiliate of American Industrial Partners (AIP), to serve as stalking horse bidder.
The purchase price under the stalking horse agreement includes a $115 million credit bid of debt under the company’s pre-petition senior loan facility and proposed $29 million in debtor-in-possession financing from AIP, the assumption of certain liabilities, and cash, which is anticipated to be enough to effectuate an orderly wind-down of the debtors’ estates under a Chapter 11 plan of liquidation.
The stalking horse agreement provides for a $1.5 million expense reimbursement.
As previously reported, the official committee of unsecured creditors had filed a limited objection to the bid procedures, saying they unfairly benefit AIP and chill the bidding process. Unsecured creditor Eagle Capital Corp. had also objected to the bid procedures, calling them detrimental to the creditors.”
Thursday’s order said all objections had been withdrawn, denied or overruled.
Under the bid procedures, the bid deadline is 5 p.m. ET on Jan. 24, an auction will be held on Jan. 26 and a sale hearing will be held on Jan. 27.
Strike is based in The Woodlands, Tex., and is a full-service pipeline, facilities and energy infrastructure solutions provider. The company filed Chapter 11 bankruptcy on Dec. 6 under case number 21-90054.
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