MIDLAND, Texas, June 17, 2014 /PRNewswire/ -- By order of the U.S. Bankruptcy Court, Tiger Group's Remarketing Services Division, Auction Resolutions LLC and PPL Group LLC will conduct a live webcast auction at 10:30 a.m. (CT) on July 1 for four complete trailer-mounted drilling rigs, rolling stock, tubulars, and support equipment owned by Sandia Drilling Co. Ltd, LLP and affiliate Sandia Drilling of Texas, LLC. The live auction will be followed by a sealed bid offering of four complete substructure rigs from the company's operations.
Bidders can attend the July 1 event in person at La Hacienda Event Center, located at 12600 Texas 191 Frontage in Midland, or participate in the live webcast through bidspotter.com. For direct links to the sale catalog and the sealed bid package, and to submit bids prior to the auction, go to www.SoldTiger.com.
Previews of the various assets being offered will be held at three locations: June 27-30, from 8:00 a.m. to 5:00 p.m. (CT), at Yard No. 1 located at 12010 Hwy 191, Midland, TX; June 27-28, from 8:00 a.m. to 5:00 p.m. (CT), at Yard No. 2, located at 1675 IH 20 Rd S. in Waksom,TX; and June 28-30, from 8:00 a.m. to 5:00 p.m. (CT) at Yard No. 3, located at 208 Rogers St., Pyote, TX
"Sandia spent considerable money upgrading and refurbishing their rigs and support equipment over the years," said Kelly Toney, President of Houston-based Auction Resolutions. "We are confident that buyers will find tremendous value in this auction opportunity."
Key assets featured in the auction include four Spencer Harris 7000 750 HP, three-axle trailer-mounted drilling rigs; nearly 100,000 feet of tubulars; as well as components that include triplex and duplex mud pumps, generator sets, diesel engines, tool-pusher's quarters, top doghouses, crew change/parts houses, and variety of other support equipment.
The auction's rolling stock includes Kenworth, Freightliner, Mack, and International tandem and tri-axle rig-up and winch trucks; three, four and five axle trailers of up to 70 tons; light-duty trucks; passenger trucks, and more.
The assets being offered in the sealed bid sale include a Skytop Brewster N-85, 1,250 HP drilling rig; an RMI 750, 1,000 HP drilling rig; and two Spencer Harris 7000, 1,000 HP drilling rigs. Each unit is complete and ready to drill. Sealed bids are due by 3:00 p.m. (CT) on July 15.
For a full catalog of the items offered, yard locations for individual items, and details on how to schedule a site visit and bid, go to: www.SoldTiger.com.
Sandia Drilling Co. Ltd, LLP and affiliate Sandia Drilling of Texas, LLC filed for Chapter 11 bankruptcy on May 15, 2013 in the Texas Eastern Bankruptcy Court (case number 2:13-bk-20099).
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, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger operates main offices in Boston, Los Angeles and New York. To learn more about Tiger, please visit www.TigerGroup.com.
About PPL Group LLC
PPL Group LLC is a private equity firm which brings decades of experience and its significant capital to help businesses monetize commercial assets. PPL has worked with hundreds of small to middle-market businesses during turnaround, restructuring, and bankruptcy situations. The company also serves large corporations in the recovery of maximum values for their idle and surplus assets. PPL is a leader in the industrial liquidation and auction business, with a focus on complete plant liquidations and auctions. The company's experience and expertise allow it to provide the best possible financial recovery for its clients. PPL is headquartered in Northbrook, Illinois. For more information, go to www.pplgroupllc.com.
About Auction Resolutions, LLC
Auction Resolutions, LLC provides accelerated marketing services of oilfield and industrial related equipment, as well as real estate through it's affiliation with RealEstateAuctions.com. Auction Resolutions is based in Houston, TX with a concentration on the Texas and Louisiana markets. The principals of Auction Resolutions have substantial auction experience with particular expertise in bankruptcy and restructuring.
SOURCE Tiger Group