The recent Chapter 11 bankruptcy by oilfield waste disposal company CCNG Energy Partners, LP has led to the firm being scooped up by Trinity Acquisition LLC of Austin, Texas.
CCNG had assets located throughout Texas and New Mexico but they were acquired after the firm filed Chapter 11 bankruptcy. The assets include 27 saltwater disposal facilities and two non-hazardous E and P waste operations located in the Permian basin and Eagle Ford Shale.
The company will continue to operate as Trinity Environmental Services, the brand under which the assets have historically operated. Trinity is financially backed and wholly owned by funds managed or advised by an affiliate of Guggenheim Partners.
CCNG filed for bankruptcy last October and a U.S. Bankruptcy Judge okayed the purchase by Trinity Environmental and Guggenheim Corporate Funding in April 2016. The sale totaled $250,000 cash plus a credit bid of $186.95 million, assumption of assumed liabilities and agreement to provide $4.50 million for payment to creditors upon consummation of sale.