Bankruptcy of Oil & Gas Services Firm Prompts a Series of Online Auctions

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Jul 09, 2024, 08:41 ET

Court-ordered sales by Tiger Group and Liquidity Services will feature more than 10,000 items, including drilling and frac equipment, rolling stock, industrial machinery, and more; first two auctions close July 17 and July 25

JACKSON, Miss., July 9, 2024 /PRNewswire/ -- Tiger Group and Liquidity Services today announced plans to hold a series of court-ordered online auctions related to the bankruptcy of national energy services firm El Dorado Gas & Oil, Inc. (Bankruptcy Case No. 23-51715).

The first two auctions in the series close on July 17 and July 25, respectively.

The July 17 and July 25 auctions will feature over 10,000 items, among them a 2003 Nachi Fujikoshi Robotic Articulating Arm.

Among the items up for auction is a Caterpillar Generator Set.

Gulfport-based El Dorado filed for Chapter 11 this past December in the U.S. Bankruptcy Court for the Southern District of Mississippi. It held a diverse array of equipment at 37 locations, primarily in Mississippi and Texas, but also in Alabama, Louisiana, Nevada, North Dakota, Ohio, Oklahoma, Tennessee, Virginia, Wyoming, and other locations.

Tiger and Liquidity Services will be auctioning assets from all of these locations in the weeks ahead and, as an added bonus for buyers, there will be no buyer's premium on any of the auction sales, noted Chad Farrell, Managing Director, Tiger Commercial & Industrial.

"There is machinery and equipment that one would expect to find from an upstream oil-and-gas services company—things like trucks, trailers, workover rigs, frac pumps, blenders, tanks, drilling equipment, coil-tubing units and gas compressors," Farrell said. "But over the years, the owner also had acquired warehouses full of more general-purpose items and inventory. It's a massive, diverse collection that offers something for just about everyone."

Sale No. 1 in the series closes on Wednesday, July 17, at 10 a.m. (CT). Bidding opens on Wednesday, July 10, at 10 a.m. (CT) at SoldTiger.com.

Sale No. 2 closes on Thursday, July 25, at 10 a.m. (CT). Bidding opens on Thursday, July 18, at 10 a.m. (CT) at SoldTiger.com.

With more than 710 available lots, Sale No. 1 on July 17th features assets from El Dorado locations in Jackson, Mississippi; Ontario, Canada; and Collierville, Tennessee. The list includes metal-fabricating, material-handling, processing and plant-support equipment, along with rolling stock and inventory. "There are items such as CNC machining centers and milling machines, ABB 6-axis Robots with Fanuc Controls, air compressors, generators, electric motors, stainless-steel tanks, and vehicles like trailers, pickup trucks and a minivan, just to name a few," said Wayne Hecht, Senior Director of Operations at Tiger Commercial & Industrial.

Sale No. 2 on July 25 features assets from El Dorado locations in Gulfport, Mississippi. "It's 350 lots of equipment used for material-handling, woodworking, metal-fabrication, labs and testing and plant-support," Hecht noted. "The rolling stock includes tractors, trailers, buses, box trucks, vans, pickups, sedans and more."

Added Farrell, "Bidders should stay tuned to the SoldTiger.com and AllSurplus.com sites as we will be adding additional sale events in the weeks ahead including the auction of a fleet of gas compressors recently slated for July 30."

For asset photos, descriptions, and other information, visit:
Sale No. 1. (July 17, Jackson)
https://soldtiger.com/sales/el-dorado-jackson-mississippi-metal-fabrication-rolling-stock-and-more/

Sale No. 2 (July 25, Gulfport)
https://soldtiger.com/sales/el-dorado-gas-and-oil-material-handling-metal-working-lab-testing-equipment-and-more-gulfport-ms/

About Tiger Group
Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. https://tigergroup.com/

About Liquidity Services
Liquidity Services operates the world's largest B2B e-commerce marketplace platform for surplus assets with over $10 billion in completed transactions to more than five million qualified buyers and 15,000 corporate and government sellers worldwide. The company supports its clients' sustainability efforts by helping them extend the life of assets, prevent unnecessary waste and carbon emissions, and reduce the number of products headed to landfills. https://liquidityservices.com/

Media Contacts: At Tiger Group, Maria Hoang, (805) 497-4999, [email protected]. At Jaffe Communications, Elisa Krantz, (908) 789-0700, [email protected]

SOURCE Tiger Group