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February 11, 2016 10:57 PM ET

Commercial Services and Supplies

Company Overview of Esco Marine Inc.

Company Overview

Esco Marine Inc. operates recycling facilities and a marine yard. It engages in recyclable metals recycling, the proper disposal of obsolete maritime vessels, and vessel scrapping operations. The company recycles aluminum, yellow brass scraps, yellow brass castings, red brass, admiralty brass, copper wires, heavy copper, and copper; and plate and structural steel, re-roll ship plates, heavy melting scraps, mixed casts, sheet metal scraps, and stainless steel scrap materials. Esco Marine Inc. was founded in 1996 and is based in Brownsville, Texas. On March 7, 2015, Esco Marine Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy ...

16200 Joe Garza Sr. Road

Brownsville, TX 78520

United States

Founded in 1996

Phone:

956-831-8300

Fax:

956-831-8343

Key Executives for Esco Marine Inc.

Chief Executive Officer and President
Executive Secretary
Vice President of Offshore Rigs, Outside Projects & Production
Vice President
Compensation as of Fiscal Year 2015.

Esco Marine Inc. Key Developments

Motion for Asset Sale Approved for Esco Marine Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of ESCO Marine, Inc. on July 30, 2015. The debtor has been authorized to sell substantially all its assets to Callidus Capital Corporation, the prevailing bidder for a credit bid of $26.49 million.

Bidding Procedure Approved for Esco Marine Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Esco Marine Inc. on June 26, 2015. The Court approved the sale of substantially all its assets to the highest bidder. To qualify as a qualified bidder, interested parties should submit their bids by July 17, 2015. The initial minimum overbid should be at least $0.13 million more than the initial purchase price. Each qualified bidder must make a good faith deposit of 10% of the purchase price. The debtor has scheduled an auction on July 23, 2015. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.03 million in case of termination of the asset purchase agreement. The sale hearing will be held on July 30, 2015.

Motion for Asset Sale Filed by Esco Marine Inc.

Balmoral Racing Club, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on June 15, 2015. The debtor seeks the Court’s approval for the sale of substantially all its assets to the highest bidder. Callidus Capital Corporation has a right to a credit bid. To qualify as a qualified bidder, interested parties should submit their bids by July 17, 2015. The initial minimum overbid should be at least $0.13 million more than the initial purchase price. Each qualified bidder must make a good faith deposit of 10% of the purchase price. The debtor has scheduled an auction on July 23, 2015. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.03 million in case of termination of the asset purchase agreement. The bidding procedures’ hearing is scheduled for June 9, 2015. The sale hearing will be held on July 30, 2015.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 28, 2015
--
Bankruptcy
March 7, 2015
--
 

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