A year after emerging from Chapter 11 bankruptcy, Tulsa’s Unit Corporation announced the sale of its corporate headquarters building in a $35 million deal.
As part of the sale, Unit also entered into a multi-year lease for part of the building. The buyer was not identified.
“The sale of the headquarters building further strengthens our financial position as we have now paid off Unit’s debt balance and have additional liquidity to deploy for high return opportunities,” stated Philip B. Smith, Unit’s Chairman and Chief Executive Officer.
It was September 2020 when the company came out of Chapter 11 bankruptcy protection filed in the U.S. Bankruptcy Court for the Southern District of Texas. The bankruptcy was filed Aug. 6, 2020.
A month after coming out of Chapter 11, the firm restructured its leadership and David t. Merrill, President and CEO stepped down and resigned from the Board of Directors. He was immediately replaced by board chairman Phillip Smith.
Unit’s Chief Financial Officer, Les Austin retired. Frank Young also stepped down from his position as Executive Vice President of Unit Petroleum.
Source: Business Wire