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Griffin Advises Tri State Trucking Company, Debtor-in-Possession, on 363 Sale of Assets

Company Overview

Founded in 2010 and based in Mansfield, PA, Tri State Trucking Company, a debtor-in-possession, provided transportation services to the oil and gas industry in Pennsylvania, Ohio, and the Marcellus-Utica Shale regions. Tri State also provided general freight (short and long hauls) to customers across the United States. Tri State operated in seven divisions: general transportation services, super suckers, rental, traffic control, roustabouts, general services, and safety.

Situation

Starting in 2013, Tri State experienced recurring operating losses driven by (1) a depressed natural gas market led by a severe drop in oil prices; (2) weakened demand for natural gas caused from reduced economic growth globally; (3) more viable forms of alternative energy; and (4) bankruptcy of certain key customers.

Solution

The Debtor filed a Chapter 11 bankruptcy proceeding with the intention of pursuing a sale of a substantial portion of its assets pursuant to Section 363 of the Bankruptcy Code. Griffin was engaged by the Debtor as its exclusive investment banker to run a sale auction process. An investment group consisting of several entities was approved as the court-appointed Stalking Horse bidder. Griffin administered the Section 363 sale process and auction, and the Investment Group submitted the highest and best bid, which resulted in the sale of the assets. The sale closed on August 31, 2016.

For more information on this transaction, please contact Griffin’s Thomas G. Whalen, Senior Managing Director, at 610.205.6115, or Glenn S. Bernabeo, Senior Managing Director, at 610.205.6034.

About Griffin Financial Group LLC

Griffin Financial Group provides merger and acquisition advisory, capital formation, structured finance and strategic consulting services to the financial institutions, insurance, commercial and industrial, retail, services, technology and telecommunications and private equity sectors in addition to assisting businesses facing special situations. Griffin is part of the Stevens & Lee/Griffin family of companies. For more information, please contact Joseph M. Harenza, CEO and Senior Managing Director, at 610.478.2160.

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