Worley & Obetz trustee secures approval of $10.67 million asset sale

By Caroline Salls

Pittsburgh, Sept. 19 – Worley & Obetz, Inc. Chapter 7 trustee Christine C. Shubert obtained court approval of the $10.67 million sale of substantially all of the company’s assets to Diesel Direct Holdings, Inc., according to an order filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania.

As previously reported, Wiggins Gas Propane & Alternative Fuels LLC was the stalking horse bidder for the assets, with an initial offer of $8.1 million.

Since Wiggins was not the high bidder, Worley & Obetz will pay it a $243,000 break-up fee.

Worley & Obetz is a Manheim, Pa.-based propane supplier. The company filed bankruptcy on June 6 under Chapter 7 case number 18-13774.

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