Axip Leasing Files for Ch. 11, Gets ~$104.8m DIP Financing (1)

(Updates with details on asset purchase agreement and DIP.)

Axip Leasing Company has filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas, according to a filing.

• Estimated liabilities: $100m-$500m
• Estimated assets: $100m-$500m
• Co. has entered into stalking horse agreement with Service Compression, LLC for the sale of “substantially all” of the firm’s assets, according to a separate statement
  • Has secured ~$104.8 million in debtor-in-possession financing, including ~$25.5 million in new money financing
  • Co. intends to continue operating its business in the ordinary course throughout the Chapter 11 sale process

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