Epic looks to sell accounts receivable with $8.41 million face value

By Caroline Salls

Pittsburgh, Oct. 17 – Epic Cos., LLC requested court approval to sell accounts receivable with a face value of $8.41 million, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The accounts receivable will be sold to a joint venture comprised of Hilco Receivable, LLC and Tiger Capital Group, LLC.

The joint venture will pay an initial purchase price of $3.1 million, and will retain the first $3.7 million in proceeds from collection of the assets.

In addition, the joint venture will retain 20% of all proceeds received from collection of the assets above the $3.7 million threshold and will transfer to Epic 80% of the proceeds.

The sale hearing is scheduled for Oct. 23.

Epic is a Houston-based full-service provider to the global decommissioning, installation and maintenance markets. The company filed bankruptcy on Aug. 26 under Chapter 11 case number 19-34752.

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