April 22, 2018 10:06 PM ET

Energy Equipment and Services

Company Overview of Knight Oil Tools, Inc.

Company Overview

Knight Oil Tools Inc. provides rental, fishing, well services, manufacturing, saw services, drilling jars, inspection, hard banding, and safety training services to the oil and gas industry worldwide. The company supplies rental equipment and services, such as drilling jars/energizers/shock tools, drill pipes, heavy and spiral weight drill pipes, drill collars, drill steam accessories and handling tools, blowout preventers and accessories, valve and manifold equipment, stabilizers, and roller reamers, as well as tubing, tubing accessories, and handling equipment; and fishing tools and services, including open-hole, cased-hole, and thru-tubing fishing tools and services, as well as single-tri...

2727 SE Evangeline Thruway

Lafayette, LA 70508

United States

Founded in 1972

Phone:

337-233-0464

Fax:

337-233-0438

Key Executives for Knight Oil Tools, Inc.

Chief Executive Officer and President
President of Knight Oil Tools International
Vice President and Corporate Legal Counsel
Senior Vice President of Global Resources
Director of Human Resources
Compensation as of Fiscal Year 2017.

Knight Oil Tools, Inc. Key Developments

Reorganization Plan Approved for Knight Energy Holdings, LLC

The US Bankruptcy Court approved the amended plan of reorganization of Knight Energy Holdings, LLC on December 1, 2017. The debtor had filed its amended plan in the Court on October 17, 2017 and a revised amended plan on November 29, 2017. As per the plan, Administrative Claims of $3.75 million, professional claims of $1 million, Priority Tax Claims of $5.60 million and Other Priority Claims will be paid in full in cash. DIP Financing Claims of $14.50 million shall be paid in cash in full, or shall receive the Additional New First Lien Term Loans under the New First Lien Facility in full satisfaction. Holders of Other Secured Claims will choose between collateral securing the claim or reinstatement of the claim. JPM Commercial Loans Claims of $5.21 million shall be paid in full from the proceeds from sale of Seaside Property. JPM Consumer Loan claims of $3.4 million will be paid in full in cash from sale proceeds. Iberia Loan Claims of $11.18 million shall be paid from the proceeds of Frierson Property or the Oklahoma City Property. Holders of Iberia Loan Claims not repaid shall receive Iberia Takeback Loans. Secured Senior Credit Facility Claims of $75.2 million shall receive Pro Rata share of the First Lien Distribution comprising of Reorganized Knight Interests, and the Initial New First Lien Term Loans. Mineral Contractor Claims of $0.20 million shall be paid in full in cash. Unsecured Convenience Class Claims of $0.20 million shall be paid in cash. The general unsecured claims of $14.2 million will have an estimated recovery of up to 17.4% and will be paid in cash the Pro rata share of the general unsecured claims funds. JPM Consumer Loan 1 Claim of $0.11 million shall be paid in cash. Senior Credit Deficiency Claim of $128.6 million shall be paid in cash. Intercompany Claims and Intercompany Interests shall either be reinstated or cancelled at the option of majority lenders. Debtor Interests shall be cancelled. Section 510(b) Claims shall be discharged and waived off. The plan will be funded from cash in hand, proceeds from sale of assets, Initial New First Lien Term Loan, Additional New First Lien Term Loans, Iberia Takeback Loans, JPM Takeback Loans and issuance of Reorganized Knight equity.

Motion for Asset Sale Approved for Knight Energy Holdings, LLC

The US Bankruptcy Court ordered approving the sale of certain assets of Knight Energy Holdings, LLC on November 14, 2017. As per the order, the Court has authorized the debtor to sell its certain real property located at the Southeast corner of Interstate 40 and Cimarron Road, Oklahoma City, Canadian County, State of Oklahoma to Capital Funding Investments, LLC for a purchase price of $1.73 million free and clear of all liens, claims, encumbrances and other interests.

Amended Reorganization Plan Filed by Knight Energy Holdings, LLC

Knight Energy Holdings, LLC filed an amended plan of reorganization with related disclosure statement in the US Bankruptcy Court on October 17, 2017. As per the amended plan filed, The general unsecured claims of $14.2 million will have an estimated recovery of up to 17.4% and will be paid from Pro rata share of the general unsecured claims funds. The treatment for all other claim classes remains same. The US Bankruptcy Court ordered approving the Secured Senior Credit Facility claims for Knight Energy Holdings, LLC on November 14, 2017. As per the order, the Class 6 Secured Senior Credit Facility Claims shall be allocated in the amount of $75.2 million and the Class 9 Senior Credit Deficiency Claim shall be allocated in the amount of $128.6 million. The debtor filed its revised amended plan in the Court on November 29, 2017. As per the plan filed, there is no change in treatment of various other claimant classes.

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December 15, 2017
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