Green Field informal noteholder group makes $17.75 million asset bid

By Kali Hays

New York, March 10 - Green Field Energy Services Inc. intends to seek court approval of a $17.75 million credit bid made by an informal noteholders group for some of the company's assets, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The group of noteholders placed a credit bid for the company's membership interests in Turbine Powered Technology, LLC in the form of a credit bid for $17.75 million in principal amount of Green Field's senior secured notes.

The sale will be carried out by a newly formed entity as the buyer, according to the notice.

The company will also request approval of the sale of some of its assets to GBCI.

As previously reported, an agency agreement was entered between GBCI and Green Field for $35 million. As of the bid deadline, GBCI remained the sole bidder.

An approval hearing is scheduled for March 14.

Green Field is a Lafayette, La.-based energy services company that operates in the well services and hydraulic fracturing services lines. The company filed for bankruptcy on Oct. 27 under Chapter 11 case number 13-12783.

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