NORTHBROOK, Ill., Sept. 20, 2017 /PRNewswire/ -- The assets of Northeast Energy Management, Inc., a large oil and gas drilling company located in Indiana, Pennsylvania, are being auctioned off by a joint venture comprised of Gordon Brothers and PPL Group, two of the nation's leading industrial dispositions and investment firms. The online and live auction, will be held Wednesday, September 27 with a preview day on September 26. Interested parties can attend or bid online at www.bidspotter.com
Northeast Energy Management, which also operated under the name Northeast Energy, was a leader in tophole drilling in the Marcellus/Utica shale and a preferred contractor for many of the largest oil and natural gas exploration and production companies. Northeast Energy Management also had a second location in Shelocta, PA. Operating since 1986, Northeast Energy Management generated $51.9 million in annual revenues, and employed approximately 120 people. The company filed for voluntary Chapter 11 bankruptcy protection in the Pennsylvania Western Bankruptcy Court in January 2017.
Included in the online and live auction will be two Schramm T200XD 53' trailer mounted portable drilling rigs with 200,000 lb. hoist capacity, Detroit Diesel engines with TXD Rotodrill pipe handlers, trailer mounted and skid mounted air compressors, boosters, generators, accumulators, trailers and a large variety of tractors, pick-up trucks, construction equipment and other drill site related equipment. A detailed catalog of equipment is available at www.pplauctions.com. Bidders must register prior to or the day of the auction.
"This is an incredible opportunity to acquire late-model and well-maintained equipment from a leading oil and gas drilling operation," said a representative of the joint venture. "In addition, there is a huge assortment of equipment for companies in the construction, trucking, and mining industries."
The facilities at 2018 South 6th Street, Indiana, PA and at 8789 Route 422, Shelocta, PA, will be open for inspection and viewing on September 26 from 8 am to 4 pm EDT. The theater style auction will be at the Hilton Garden Inn at 714 Pratt Drive, Indiana, PA at 10 am EDT on September 27.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.
About PPL
PPL Group is a leading private equity firm that uses its capital to help businesses in transition. The Company provides asset management solutions for entire plants, production lines, groups of assets, and whole companies. PPL's principals have successfully monetized commercial and industrial assets for 40 years, conducting more than 250 auctions over the last five years. PPL works with large corporations to provide the best possible financial recovery for surplus and idle assets. The company works with small and middle-market businesses during change, turnaround, restructuring, and bankruptcy situations across a broad range of industries. PPL buys assets outright, guarantees minimum prices, and also conducts auctions on a commission basis. PPL creates maximum liquidity by structuring innovative turnkey and going concern sales transactions. PPL is headquartered in Northbrook, Illinois. For more information, go to www.pplgroupllc.com.
Contact: Tom Nicholson, 212-203-2803
View original content:http://www.prnewswire.com/news-releases/auction-of-oil-and-gas-drilling-equipment-including-schramm-drilling-rigs-tractors-trailers-air-compressors-and-other-equipment-scheduled-for-september-27-300522760.html
SOURCE PPL Group LLC
