Extreme Plastics Plus (EPP) has been manufacturing and installing well pad liners since 2007. Pad liners protect the ground from accidental spills of frack wastewater and chemicals used during the drilling process. Located in Fairmont, WV, EPP’s customers are in the Marcellus and Utica Shale region. In order to expand, EPP raised an undisclosed amount of investment money from Hastings Equity Partners in 2013 (see WV Well Pad Liner Company Gets Shot of Investment Money to Grow). However, with the downturn in the oil and gas market over the past couple of years, EPP fell on hard times and earlier this year filed for bankruptcy (see WV Oilfield Services Co. Extreme Plastics Files for Bankruptcy). Just last month MDN told you that Blue Wolf Capital Partners was on the hunt for bargains and had offered a “stalking horse” bid to purchase EPP out of bankruptcy (see Stalking Horse – Blue Wolf Hunts Extreme Plastics in Bankruptcy). Blue Wolf landed its prey, buying the company’s assets out of bankruptcy. According to Blue Wolf, EPP will now exit bankruptcy with a debt-free balance sheet and will be in position for an eventual oil and gas market recovery. We reckon this is a happy ending–far better than selling off assets and everyone losing their jobs…
