PA Rig Manufacturer Schramm Files for Ch. 11 Bankruptcy

From time to time we've mentioned shale drilling rigs manufactured by Schramm. The company is headquartered near Philadelphia, in West Chester, PA. Because of the "prolonged downturn" in the oil and gas industry (i.e. less drilling), Schramm has just filed for Chapter 11 bankruptcy protection. The company has defaulted on $70 million of secured loan obligations. Schramm is shopping for another company to buy it. 6/26/19 UPDATE: The first day of bankruptcy proceedings were rocky for Schramm over the role of an "insider" in the case. See below.

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