Transaction:
Oxane Materials
Managed the sell of intellectual property and assets to maximize value of stakeholders for an oilfield services company
This oilfield services company designed and produced a nanotechnology ceramic proppant used in oil and gas “fracking” but the operations never achieved sufficient volume and economies of scale to reach a profitable cost structure prior to the macroeconomic downturn in that industry. The Chapter 11 debtor in Houston, TX raised approximately $150MM in equity, and at the time of filing, owed more than $40MM in senior and subordinated secured debt.
Our Approach
Acted as CRO on behalf of estate to take company through Chapter 11 bankruptcy
Determined best course of action under bankruptcy conditions
Managed the sell of intellectual property and assets, including production facility
Outcomes
Operations were ceased and an orderly winddown was conducted through a Chapter 11 proceeding wherein the intellectual property was sold to Halliburton Energy Services and the Houston research labs and Arkansas manufacturing facility were sold to Chemject International.
Services & Roles
Special Situation Advisory
Strategic Assessment
Intellectual Property Valuation
*Some engagements may have been performed by team prior to joining Harney Capital.
