Esco Marine, Inc

Esco Marine Inc. operates a marine yard and recycling facility in the United States. It offers metal recycling, obsolete maritime vessel disposal, and vessel scrapping services. The company recycles retired vessels, including ships, tugs, barges, jack up rigs, semi submersibles, production platforms, and crew and supply boats; ferrous scrap materials, including plate and structural steel materials, reroll ship plates, heavy melting scraps, mixed cast materials, sheet metal scraps, and stainless steel materials; and nonferrous scrap materials, which include aluminum, brass, and copper. It also sells marine equipment, diesel engines, used drill packages, and more. The company was founded in 1996 and is based in Brownsville, Texas. On March 7, 2015, Esco Marine Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas.

• The US Bankruptcy Court gave an order approving the sale of certain assets of ESCO Marine, Inc. on May 10, 2016. The debtor has been authorized to sell its real property in Donna, Texas to JHS Machinery and Truck Sales for a purchase price of $0.18 million in cash. Buyer has paid deposit of $0.02 million as earnest money. The sale proceeds will be paid 67.5% to Callidus and 32.5% to the General Trust. The broker shall receive 4% in commission.
• The US Bankruptcy Court gave an order approving the sale of substantially all the assets of ESCO Marine, Inc. on July 30, 2015. The debtor has been authorized to sell substantially all its assets to Callidus Capital Corporation, the prevailing bidder for a credit bid of $26.49 million.
• The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Esco Marine Inc. on June 26, 2015. The Court approved the sale of substantially all its assets to the highest bidder. To qualify as a qualified bidder, interested parties should submit their bids by July 17, 2015. The initial minimum overbid should be at least $0.13 million more than the initial purchase price. Each qualified bidder must make a good faith deposit of 10% of the purchase price. The debtor has scheduled an auction on July 23, 2015. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.03 million in case of termination of the asset purchase agreement. The sale hearing will be held on July 30, 2015.