Houston-based oil rig services conglomorate Epic Companies rushed to a Texas bankruptcy court to file Chapter 11 re-organization after subcontractors attempted to force it into Chapter seven liquidation in Louisiana in early August. Now the company will be sold at auction October 22nd.
Epic Companies is carrying anywhere from $100-to-$500-million in debt, according to the Times-Picayune/Advocate. The company also has $30-million of unpaid bills to companies, including hundreds in Louisiana. The largest of which $913, 179 owed to Lafayette-based Taylors International Services.
Epic says a downturn in the price of oil is respsonsible for the company's financial troubles. Epic's problems have cascaded since defaulting on pair of loans totalling $115-million. The company laid off 400 employees. Epic has four offices in Louisiana in Belle Chasse, Houma, Golden Meadow and Broussard.
The bankruptcy filing effects all of Epic associated companies: Epic Applied Technologies, Epic Diving and Marine Services, The Epic San Francisco Shipyard, Epic Specialty Services, Epic Alabama Steel and Zuma Rock Energy Services.
Vessels owned by Epic and docked in Lake Charles and Port Fourchon have been seized under maritime liens filed by companies maintaining or fueling them.