August 28, 2019 / 9:35 PM / 2 months ago

Epic gets access to loan to push for sale, dismiss Ch. 7 bankruptcy

Offshore energy services provider Epic Companies LLC on Tuesday won court approval to begin tapping a $9.5 million debtor-in-possession loan. The company had filed for Chapter 11 bankruptcy a day earlier after being threatened by an involuntary Chapter 7 bankruptcy by three creditors.

The three companies, Scurlock Electric LLC, Preferred Sandblasting LLC and Top Drive Services LLC, on Aug. 2 filed an involuntary Chapter 7 petition in U.S. Bankruptcy Court in New Orleans, a move that could put the company on track for liquidation.

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