BJ Services gets $35 million stalking horse bid for cementing unit

By Caroline Salls

Pittsburgh, Aug. 10 – BJ Services, LLC has designated American Cementing, LLC as the stalking horse bidder for its cementing business, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, American Cementing has agreed to pay $35 million in cash, subject to adjustment based on whether estimated inventory exceeds target inventory or vice versa, minus the amount of estimated property taxes.

American Cementing will also assume liabilities related to the assets being sold.

As previously reported, the auction will be held on Aug. 12, and the sale hearing is scheduled for Aug. 14.

BJ Services is a Tomball, Tex.-based provider of hydraulic fracturing and cementing services to upstream oil and gas companies. The company filed bankruptcy on July 20 under Chapter 11 case number 20-33627.

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