Schramm receives bankruptcy court approval to sell assets to lender

By Caroline Salls

Pittsburgh, Sept. 17 – Schramm, Inc. obtained court approval to sell its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, GenNx360 agreed to serve as the stalking horse bidder for substantially all of the Schramm debtors’ assets.

The stalking horse purchase agreement provides for a purchase price of not less than $10.3 million plus a credit bid of the balance owed under the company’s pre-bankruptcy secured financing facility, estimated when Schramm filed for bankruptcy to be $6 million.

Schramm is a West Chester, Pa.-based drilling company. The company filed bankruptcy on June 24 under Chapter 11 case number 19-11396.

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