Epic Companies, LLC
Bankruptcy Case Summary
United States Bankruptcy Court for the Southern District of Texas
Case Number 19-34752
Chapter 11 Case Filed August 26, 2019
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Chapter 11 Bankruptcy Case Summary
The following details of the company history, the reasons behind the bankruptcy filing, and the company's plans for restructuring its finances and operations by filing for Chapter 11 bankruptcy protection are drawn from the "first day" declaration of a company executive filed with the bankruptcy court.
Key facts and assertions culled from the company's initial bankruptcy court filings:
- The Debtors together formed a full-service provider to the global decommissioning, installation and maintenance markets headquartered in Houston, Texas
- The Debtors' services included heavy lift, diving and marine, specialty cutting and well plugging and abandonment services. As of the Petition Date, the Debtors have limited ongoing operations
- Epic is a privately-held company formed in March 2018 from the divestiture of Tetra Technologies' offshore services division, which included the acquisition of TSB Offshore, Inc. and Debtor entities Tetra Applied Technologies, LLC and Epic Diving & Marine Services, LLC
- Throughout 2018, Epic expanded its service lines with the acquisition in August of certain assets and capabilities acquired from Wrights Well Control Services Inc., as well as assets and capabilities acquired from Ranger Offshore Inc., and in October with the acquisition of the BAE Mobile, Alabama Shipyard
- In February of 2019, Epic entered the metals recycling business and formed Epic Recycling Services, LLC and Epic Alabama Recyclers, LLC
- In April of 2019, Epic divested TSB Offshore
- On July 10,2019, White Oak informed the Debtors' management that it would not provide any additional funding
- On July 15, 2019, the Debtors terminated approximately 400 employees
- On or around July 19, 2019, the Debtors defaulted under the Prior Senior Loan Agreement and Existing Junior Loan Agreement
- On July 19, 2019, White Oak swept the Debtors' bank accounts and continue to sweep the accounts daily
- Since that time, White Oak has made a number of protective advances which have been used to fund the Debtors' operations
- In July of 2019, White Oak foreclosed on Epic's equity interests in Epic Alabama Holdings, LLC, Epic Maritime Asset Holdings, LLC, and Navarro Capital Partners, LLC
- Epic filed these Chapter 11 Cases to market and sell the Debtors' business as a going concern and has proposed a sale of substantially all of their assets in a 65-day sale process
- White Oak Global Advisors, LLC is the proposed stalking horse bidder and will credit bid $48,900,000 of its pre and postpetition debt and assume $40,000,000 of the indebtedness evidenced by the Prior Junior Loan Agreement
- Upon closing the sale of the Purchased Assets, White Oak will then sell certain of the assets to Alliance Energy Services, LLC for a cash purchase price of $40 million and an assumption of $35 million of the indebtedness evidenced by the Prior Junior Loan Agreement, among other terms, in a separate transaction financed by White Oak
- sufficient to pay all secured and priority claims and leave sufficient funds for a meaningful distribution to unsecured creditors