OFS International Bankruptcy | OFS International Lawsuit
OFS International and its affiliate companies, OFSI Holdings and Threading Precision Manufacturing LLC, filed a voluntary petition for Chapter 11 Bankruptcy with the United States Bankruptcy Court in the Southern District of Texas on May 31, 2020. The company, based in Houston, provides service to the oil and gas industry.
Unsecured creditors who are owed money by OFS International and its affiliate companies should take action immediately to receive every dollar they possibly can through the bankruptcy process. Failure to take action means you may not recover any money at all at the conclusion of the OFS Bankruptcy.
If you or your company is listed as an unsecured creditor or has a disputed debt with OFS International or one of its affiliate companies, you should contact the attorneys of Peiffer Wolf for a FREE Consultation by calling 504-523-2434 or by filling out an online Contact Form.
OFS International Bankruptcy | What Happened?
On May 31, 2021, OFS International filed a voluntary petition for Chapter 11 Bankruptcy. According to the Houston Biz Journal, the company listed assets “ranging from $10 million to $50 million.”
The OFS International Bankruptcy was reported as a move to recover money paid to a steel company based in Cyprus, according to The Wall Street Journal:
Houston-based oil field equipment and service provider OFS International LLC has filed for bankruptcy and is suing a Cyprus-registered steel company to recover $10 million it paid to buy back shares in 2019.
OFSI said in a lawsuit filed Monday in the U.S. Bankruptcy Court in Houston that the company was likely insolvent when management struck a deal in 2019 to acquire a 49% stake in its corporate parent-owned at the time by TMK Steel Holding Ltd.
Now, creditors listed in the OFS International Bankruptcy may not receive any money if they don’t take action.
If you or your company has been listed as an unsecured creditor that is owed money by OFS International or one of its affiliate companies, it does not mean that you have been sued. While you are not required to take any action, this means you may not recover any money at all at the conclusion of the bankruptcy.
Our firm represents creditors in bankruptcy cases, and our goal is to ensure that creditors receive every dollar they possibly can through the bankruptcy process. If you want a FREE case evaluation, the attorneys at Peiffer Wolf will perform an analysis and discuss your potential recovery options at no charge.
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