Gasfrac Energy wins court authorization to sell all company assets

By Kali Hays

New York, March 20 – Gasfrac Energy Services Inc. received approval from the Court of Queen’s Bench of Alberta and the U.S. Bankruptcy Court of a sale of substantially all company assets and related technology to STEP Energy Services Ltd., according to a March 20 news release.

The sale is set to close in early April.

A sale price was not included in the release, but Gasfrac said that additional terms of the sale “will be disclosed as the transaction progresses,” according to the release.

As previously reported, the company obtained protection under Canada’s Companies' Creditors Arrangement Act on Jan. 15.

Calgary, Alta.-based Gasfrac provides liquefied natural gas fracturing services to oil and gas companies.

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