Strike sets bid procedures for sale of assets, seeks Jan. 18 auction

By Sarah Lizee

Olympia, Wash., Dec. 7 – Strike, LLC set the bid procedures for the sale of substantially all of its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company entered into a stalking horse agreement with Strike Acquisition LLC, an affiliate of American Industrial Partners (AIP), the company’s largest debtholder. The agreement is subject to higher and better offers.

The purchase price under the stalking horse agreement includes a $115 million credit bid of debt under the company’s pre-petition senior loan facility and proposed $29 million in debtor-in-possession financing from AIP, the assumption of certain liabilities, and cash, which is anticipated to be enough to effectuate an orderly wind-down of the debtors’ estates under a Chapter 11 plan of liquidation.

The stalking horse agreement provides for a $1.5 million expense reimbursement.

Under the proposed bid procedures, the bid deadline is 5 p.m. ET on Jan. 14, an auction will be held on Jan. 18 and a sale hearing will be held on Jan. 19.

A hearing on the proposed bid procedures is scheduled for Dec. 22.

Strike is based in The Woodlands, Tex., and is a full-service pipeline, facilities and energy infrastructure solutions provider.

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