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C Street Advisory Group is working the Chapter 11 filing of Axip Energy Services as it unloads its nearly all of its assets to deal with a heavy debt load.
The Houston-based provider of natural gas compression equipment has inked a stalking horse agreement with Service Compression LLC for the sale of nearly all of its assets.
The Chapter 11 filing is a strategic step to position Axip for long-term success under new ownership, according to Ben Chesters, Chief Restructuring Officer.
Axip is “committed to maintaining continuity for our employees, customers, and vendors and focused on delivering safe, reliable service in the field,” said Chesters. “We are confident this sale process will build on the Company’s foundation of safety, efficiency, and quality service.”
Axip has upstream and midstream customers in all major producing basins in the US and offshore Gulf of Mexico.
Fort Worth-based Service Compression provides natural gas compression services for exploration and production companies at the wellhead. It operates in Texas, New Mexico, Oklahoma and Arkansas.
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