Bankruptcy Judge Approves Schramm Plan Over Debtor Objection

Schramm, headquartered near Philadelphia in West Chester, PA, is a major manufacturer of drilling rigs. In June the company filed for Chapter 11 bankruptcy protection due to the “prolonged downturn” (less drilling) in the oil and gas industry (see PA Rig Manufacturer Schramm Files for Ch. 11 Bankruptcy). From the beginning of the bankruptcy process, one of the company’s biggest creditors, DNOW LP, challenged the Chapter 11 bankruptcy application–implying the bankruptcy as structured will hand over ownership to existing owners, preserving their equity in the company, at the expense of wiping out the company’s debts to companies like DNOW (see Schramm Scam? Debtor Owed Big Money Disputes Ch. 11 Sale Terms). The bankruptcy judge has just ruled–against DNOW.
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Schramm Scam? Debtor Owed Big Money Disputes Ch. 11 Sale Terms

Schramm, headquartered near Philadelphia in West Chester, PA, is a major manufacturer of drilling rigs. In June the company filed for Chapter 11 bankruptcy protection due to the “prolonged downturn” (less drilling) in the oil and gas industry (see PA Rig Manufacturer Schramm Files for Ch. 11 Bankruptcy). From the beginning of the bankruptcy process, one of the company’s biggest creditors, DNOW LP, has challenged the Chapter 11 bankruptcy application–implying the bankruptcy as structured will hand over ownership to existing owners, preserving their equity in the company, at the expense of wiping out the company’s debts to companies like DNOW.
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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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New Schramm "Monster" Drilling Rig Almost Ready, Heading to Ohio

West Chester, PA company Schramm Inc. is putting the finishing touches on a new automated drilling rig, the very first T500XD Telemast, that can lift 250 tons of pipe and drill more than 15,000 feet deep. The first new rig of its kind is already spoken for: It’s headed to Ohio where Alpha Hunter will use it to drill in both the Marcellus and Utica Shale…

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