December 05, 2016 4:43 PM ET

Construction and Engineering

Company Overview of Sheehan Pipe Line Construction Company

Company Overview

As of June 28, 2016, substantially all assets of Sheehan Pipe Line Construction Company were acquired by Ritchie Bros. Auctioneers (America), Inc. Sheehan Pipe Line Construction Company operates as a pipeline construction company in the United States. Its services include main line construction; midstream/gathering construction; integrity management; hydrostatic testing and rehabilitation programs; and small facilities construction, including main line valves, meter stations, launchers, and receiver barrels. The company also sells apparel, as well as accessories, such as barbecue sets, knifes, beverage caddies, camo coolers, flashlights, backpacks, work lights, and thermos online. It offers ...

2431 East 61st Street

Suite 700

Tulsa, OK 74136

United States

Founded in 1903

Phone:

918-747-3471

Fax:

918-747-9888

Key Executives for Sheehan Pipe Line Construction Company

Sheehan Pipe Line Construction Company does not have any Key Executives recorded.

Sheehan Pipe Line Construction Company Key Developments

Motion for Asset Sale Approved for Sheehan Pipe Line Construction Company

The US Bankruptcy Court gave an order approving the sale of the substantially all assets of Sheehan Pipe Line Construction Company on June 20, 2016. The debtor has been authorized to sell substantially all its assets to Ritchie Bros. Auctioneers (America), Inc., the stalking horse bidder for a purchase price of $30.75 million in cash including a credit bid for its break-up fees of $0.5 million. At the auction held Ritchie Bros. Auctioneers emerged as the winning bidder.

Bidding Procedure Approved for Sheehan Pipe Line Construction Company

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all assets of Sheehan Pipe Line Construction Company on May 19, 2016. The Court approved the asset purchase agreement between the debtor and Ritchie Bros. Auctioneers Inc., the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $29.5 million in cash. Stalking Horse bidder deposited $1.5 million as good faith deposit pursuant to the agreement. To qualify as a qualified bidder, interested parties should submit their bids by June 10, 2016. To qualify as a qualified bidder, interested parties should submit their bids by bid deadline date along with good faith deposit in the amount of $0.5 million. The initial minimum overbid should be at least $1 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on June 16, 2016. At the auction, the subsequent bids would be in increments of $0.5 million. The stalking horse bidder would be entitled to a break-up fee of $0.5 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 17, 2016. The sale is expected to close on or before June 21, 2016. Michael R. Mills of Dorsey & Whitney LLP acted as legal counsel to the stalking horse bidder.

Motion for Asset Sale Filed by Sheehan Pipe Line Construction Company

Sheehan Pipe Line Construction Company filed a motion in the US Bankruptcy Court for the sale of substantially all its equipment on April 19, 2016. The debtor seeks the Court’s approval for the sale of substantially all its equipment to Ritchie Bros. Auctioneers Inc., the stalking horse bidder, for a purchase price of $29.5 million pursuant to the asset purchase agreement dated April 13, 2016. To qualify as a qualified bidder, interested parties should submit their bids by bid deadline date along with good faith deposit in the amount of $1.5 million. The initial minimum overbid should be at least $3 million more than the initial purchase price. At the auction, the subsequent bids would be in increments of $0.5 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the stalking horse bid i.e. $0.89 million in case of termination of the asset purchase agreement. The sale is expected to close on or before June 21, 2016. Michael R. Mills of Dorsey & Whitney LLP acted as legal counsel for Ritchie Bros. and Gary M. McDonald of McDonald, McCann & Metcalf, LLP as legal counsel for debtor.

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