Cleveland Integrity gets approval to sell assets to secured lenders

By Sarah Lizee

Olympia, Wash., March 10 – Cleveland Integrity Services, Inc. received approval to sell its assets to CIS Purchaser, LLC, an affiliate of its prepetition secured lenders, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the company canceled an auction and named CIS, the stalking horse bidder, the winning bidder, after receiving no other qualified bids by the deadline.

The stalking horse agreement includes a $30 million credit bid, in addition to the assumption of some liabilities and payment of the debtors’ post-petition payroll obligations accrued as of the closing date.

The Cleveland, Okla.-based company is a provider of inspection services to oil and gas pipelines. It filed bankruptcy on Jan. 29 under Chapter 11 case number 23-90052.

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