Sanjel (USA) CCAA case granted recognition by U.S. bankruptcy court

By Caroline Salls

Pittsburgh, April 29 – Sanjel (USA) Inc.’s Companies’ Creditors Arrangement Act case was recognized as a foreign main proceeding on Friday by the U.S. Bankruptcy Court for the Western District of Texas.

As previously reported, the court granted a temporary restraining order on April 21, barring creditors from pursuing legal action against Sanjel until the Chapter 15 case was established.

Sanjel filed a Companies’ Creditors Arrangement Act case in the Court of Queen’s Bench of Alberta to facilitate the closing of two sales of its North American pressure pumping providers.

Sanjel signed a definitive agreement to sell its Canadian fracturing, coiled tubing and cementing assets to STEP Energy Services Ltd., an ARC Financial Corp.-sponsored company. Concurrently with this agreement, the company signed an agreement for the sale of its U.S. fracturing, coiled tubing and cementing assets to Liberty Oilfield Services.

The company expects to operate uninterrupted throughout the CCAA process until the transactions are closed.

Based in Calgary, Alta., Sanjel is a global energy services company. The company filed bankruptcy on April 4 under Chapter 15 case number 16-50778.

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