Energy Equipment and Services
Company Overview of S3 Pump Service, Inc.
S3 Pump Service, Inc. provides pumping services for the oilfield industry in Arkansas, Louisiana, and Texas areas. It offers coil tubing pumping services, such as pumping mud and acid; pump down services, which include pumping wireline tools in horizontal wells; and hydrostatic testing services, including casing tests, testing of plugs, and breakdowns for pre-frac analysis. S3 Pump Service, Inc. was founded in 2005 and is based in Shreveport, Louisiana.
1918 Barton Drive
Shreveport, LA 71107
Founded in 2005
Key Executives for S3 Pump Service, Inc.
S3 Pump Service, Inc. does not have any Key Executives recorded.
S3 Pump Service, Inc. Key Developments
Modified Third Amended Reorganization Plan Approved for S3 Pump Service, Inc.
Mar 31 17
The US Bankruptcy Court approved the modified third amended plan of reorganization of S-3 Pump Service, Inc. on March 31, 2017. The debtor has filed its amended plan in the Court on March 15, 2017. As per the amended plan, Administrative Claims, Professional Fees Claims of $0.45 million and Priority Tax Claims of $0.25 million will be paid in full. Holders of Other Priority Claims will receive $0.51 million from the other priority claims reserve. Secured claim of Citizens National Bank of $0.77 million shall either be paid full in 59 months on a 20 years amortization at 5% interest or shall be paid through surrender of collateral. Secured claims of FNB Hughes Springs of $0.82 million, Secured claims of Prime Alliance of $0.67 million, secured claims of Peoples Capital of $0.49 million, secured claims of CIT of $1.32 million, secured claims of MB Financial of $0.84 million, secured claims of Element of $0.85 million, secured claims of Pacific Western of $0.21 million, secured claims of Republic Bank of $0.60 million, secured claims of Susquehanna of $0.52 million, secured claims of Beverly Bank of $0.27 million, secured claim of United Leasing of $0.28 million, secured claim of Santander Consumer USA of $0.43 million and secured claim of Ally Bank of $0.04 million shall be paid over a term of 6 years through related promissory notes bearing a interest rate of 5.75% p.a. secured claims of Transportation Alliance Bank, Inc.(TAB) of $0.45 million, secured claims of Trinity of $0.55 million will be paid as per the new contract agreement and terms. Secured claims of EH National and others of $0.25 million shall be paid full through surrender of collateral to the claim holders. General unsecured claims of $10 million will get a recovery of 40-50% through the pro-rata share of creditors trust interests. Subordinated unsecured creditors shall receive pro-rata share of creditors trust interests. Equity interests shall be cancelled and shall receive no distribution under the plan. The plan will be funded through available cash in hand, vesting of assets and issuance of new equity to Hallwood Financial and receiving funding of $2 million in cash.
Motion for Asset Sale Approved for S3 Pump Service, Inc.
Feb 16 17
The US Bankruptcy Court approved the sale of certain assets of S3 Pump Services, Inc. on February 16, 2017. As per the order, the Court has authorized the debtor to sell certain assets to Pacific Western Equipment Finance for a purchase price of $0.36 million. The sale was a credit bid in full satisfaction of its claim in exchange. The debtor filed a motion in the Court for sale of certain assets on January 23, 2017. The assets include IDMS Magnum 2500 BHP Trailer Mounted Frac Unit, Cummins QSK50 Engine, Tier II, 2500 BHP @ 1900 RPM Twin Disc 8500 Transmission Pkg w/TDEC400 Control System, S/N or VIN 12006 and a 2012 Loadcraft Trailer, S/N or VIN 5ABK44302CB120371 and 2013 HP Pump Unit 2500, SMP QW52500LW Super Duty Quintuplex Pump, Trailer: Dragon Products Center Rail Skeletal Chassis, Caterpillar 3512 SCAC Diesel Engine No. R1S00808, Caterpillar TH55-E70 Petroleum Transmission No. PCJ02017, Power End No. 74337, Fluid End No. DPQX4.00-272, and Horizontal Cooling Package Radiator No. 00053709.
Third Amended Reorganization Plan and Disclosure Statement Filed by S3 Pump Service, Inc.
Jan 30 17
S3 Pump Service, Inc. filed third amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 30, 2017. As per the amended plan, the debtor reported Secured Claims of MB Financial of $0.84 million. There shall be no other changes in the treatment of any other claim class. Debtor filed a modified third amended plan of reorganization the Court on March 15, 2017, as per the modified plan, secured claim of People’s Capital and Leasing Corp. of $0.44 million will be paid as per the new modified contract agreement. Secured Claim of CIT Finance, LLC of $1.32 million will be paid in full satisfaction from surrender of collateral and sale of the equipment and remaining balance will be treated as deficiency claims and treated as unsecured claims. Secured Claims of Transportation Alliance Bank, Inc. of $0.45 million will be paid as per the new contract agreement and terms. Secured Claims of Trinity of $0.57 million will be paid as per contract agreement. There is no change in treatment of various other claimant classes.
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