Tuscany Limited Partnership Announces Completion of Sale to Senior Lenders and Appointment of Chief Executive Officer
BOGOTA, Colombia, June 10, 2014 /PRNewswire/ -- Tuscany Holdings GP, LLC and Tuscany Limited Partnership (collectively, "Tuscany Holdings" or the "Company"), are pleased to announce today that the Company has purchased substantially all of the assets of Tuscany International Drilling, Inc. ("TID"), a provider of contract drilling, completion and workover services, marking TID's emergence from the Chapter 11 bankruptcy process. Tuscany Holdings' corporate offices are now located in Bogota, Colombia with country management teams reporting to the new corporate team led by Aramis Guerra, a seasoned drilling and oilfield services executive with extensive experience operating in Latin America and the Middle East.
Investors including Credit Suisse AG, Cayman Islands Branch ("Credit Suisse") and certain funds managed by Monarch Alternative Capital LP ("Monarch") led the acquisition of the equity interests in the core Colombian and Ecuadorian operating entities. Tuscany Holdings' balance sheet demonstrates improved strength and stability by significantly reducing leverage and increasing liquidity through a new money loan.
"We move forward from this process with a sound balance sheet, a talented leadership team and the support of a strong and experienced board," said Tuscany Holdings' Chief Executive Officer Aramis Guerra. "We are very well positioned for the future, with a supportive ownership group dedicated to the long-term success of the Company, and a capital structure that will enable us to realize our operational improvements and growth initiatives. With the support of our employees, customers and suppliers in the communities we serve, we emerge from this process as a strong and well positioned provider of oilfield services."
"Tuscany International Drilling completed the sale of its African operations in January 2014. Tuscany Holdings is a more streamlined operation focused on the most attractive operating units of former Tuscany International Drilling. This will allow the Company to drive operational performance," said Julio Torres, a member of Tuscany Holdings' board of directors. "With a significantly improved debt structure, the financial position now better reflects the Company's operating strength. Tuscany Holdings is again able to provide high quality, reliable services to customers who appreciate long term relationships."
"The new equity holders would like to thank the management team, employees and advisors who helped in this successful balance sheet restructuring," stated Zachary Lewis of Monarch, an equity partner in Tuscany Holdings, who is a member of its board of directors. "We view this transaction as transformational, positioning Tuscany Holdings for continued operational excellence and growth."
About Tuscany Limited Partnership and Tuscany Holdings GP, LLC (collectively, "Tuscany Holdings")
Tuscany Holdings GP, LLC, is a Delaware limited liability company that acts as general partner of Tuscany Limited Partnership, an Alberta limited partnership. Tuscany Holdings' onshore rig fleet is comprised of 17 technologically advanced drilling and workover rigs, including 12 rigs in Colombia and 5 rigs in Ecuador. Tuscany Holdings provides contract drilling, completion and workover services to oil and gas companies active in the exploration, development and production of oil and gas reserves throughout South America. Tuscany Holdings is based in Bogota, Colombia.
SOURCE Tuscany Limited Partnership
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