Former Assets Of Bankrupt RoxWell Performance Drilling Up For Bid

Tiger Group, PPL Group and RealestateAuctions.com conducting online sale and live auction for equipment and real property formerly owned by drilling tool company; bids close mid-August

News provided by

Tiger Group

Aug 05, 2014, 09:30 ET

MIDLAND, Texas, Aug. 5, 2014 /PRNewswire/ -- By order of the U.S. Bankruptcy Court, Tiger Group's Remarketing Services Division, PPL Group and RealestateAuctions.com are auctioning machine tools, rolling stock and support equipment, as well as land and a warehouse/machine shop building from oil field drilling tool company RoxWell Performance Drilling LLC.

Bidding in the online-only sale of the company's machining and turning centers, coiled tubing and tool parts, rolling stock, office furnishings and other equipment will open August 7 at bidspotter.com, and will close in rapid succession, on August 14 at 10:30 a.m. (CT). The assets will be available for inspection at the company's site at 9604 West Country Rd. 152 in Midland on August 13, from 9:00 a.m. to 4:00 p.m. (CT).

The live auction of the company's real estate will get under way at 11:00 a.m. (CT) on August 13 at the Midland site. Interested parties can preview the real estate assets on August 6, from 11:00 a.m. to 1:00 p.m. (CT).

"Consolidated from two facilities, the RoxWell assets should appeal to a wide range of buyers. The sale includes everything from downhole drilling tools and the manufacturing equipment that machined them to RoxWell's manufacturing facility," said Jeff Tanenbaum, president of Tiger Remarketing Services.

Machine tools being auctioned include CNC machinery consisting of CNC vertical machining and turning centers, a CNC chucker and Jaw chucks. Rolling stock and support equipment up for bid include Ford Super Duty pickups, a Big Tex Trailer, a 2011 Ford Taurus, kerosene heaters, lathes, mills, general plant equipment, and power and manual hand tools. Coiled tubing and tool parts for sale include overshots, overshot extensions and guides, mills, and tool racks. Office furnishings and equipment up for bid include computers, laptops, printers, monitors, desks, a refrigerator, and a microwave.

The real property being offered consists of an approximate 7,100-square-foot building with 6,600 square feet of warehouse/machine shop space and an office area on 2.02 acres of land. The site, which also includes a 200-square-foot metal storage building, is located about 10 minutes south of the Midland International Airport. Ideal for a machine shop or small warehouse facility, the building includes three separate bays and two roll up doors with ground level access.

For a full description of all assets being auctioned and details on how to bid, visit: www.SoldTiger.com.

RoxWell Performance Drilling LLC voluntarily filed for Chapter 11 Bankruptcy Protection in November 2013 in Texas Northern Bankruptcy Court (case number 5:13-bk-50301).

SOURCE Tiger Group