Epic cancels auction, will seek approval of sale to White Oak Global

By Caroline Salls

Pittsburgh, Nov. 12 – Epic Cos., LLC cancelled the Nov. 12 auction for its assets, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company said it did not receive any other qualified bids for the assets by the Nov. 8 bid deadline, other than the stalking horse bid submitted by White Oak Global Advisors, LLC.

As previously reported, White Oak will credit bid its pre-bankruptcy and post-bankruptcy secured debt in the amount of $48.9 million and will assume $40 million of the company’s pre-bankruptcy junior credit agreement debt.

Upon closing of the sale, White Oak will sell some of the purchased assets to Alliance Energy Services, LLC for a cash purchase price of $40 million and an assumption of $35 million of the assumed debt in a separate transaction financed by White Oak.

The sale hearing is scheduled for Nov. 15.

Epic is a Houston-based full-service provider to the global decommissioning, installation and maintenance markets. The company filed bankruptcy on Aug. 26 under Chapter 11 case number 19-34752.

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