Lafayette firm gets fresh start

December 25, 2017 by  

Knight Energy Holdings (KEH) has been rescued by the Clearlake Capital Group (CCG).

Lafayette-based corporation KEH had entered bankruptcy under Chapter 11 rules. Thanks to Santa Monica’s CCG, it now has the chance to make significant progress. Stationery printers can be used by enterprises restructuring their affairs in this way.

KEH is a major player in the oil tool rental sector, but has become affected by debt. The move by CCG has erased about $175m of debt. The Lafayette business now has CCG as its biggest holder of shares. The implementation of a positive growth strategy is now a realistic option, with the founder and top partner of CCG, José E. Feliciano, telling The Advocate:

“Knight has a demonstrated track record of providing customers with high quality oilfield tool rental and service solutions. We firmly believe that with our financial support and a strengthened financial profile, Knight is now poised for success during this new phase of growth.”

The Advocate reports that before the latest move, KEH had been in a high degree of commercial difficulty. This was worsened by infighting at the top of the business. The oilfield equipment rental firm was in jeopardy because of a serious disagreement between Bryan Knight and his brother Mark Knight, and was the center of a controversial tussle for control prior to the intervention from CCG.