Schramm Inc., which makes land-based hydraulic drilling equipment used in mining and oil-and-gas production, filed for bankruptcy with plans to sell the business in a court-supervised auction process, WSJ Pro Bankruptcy reported. The company, which says its customers include some of the world’s largest drilling rig operators, sought chapter 11 protection yesterday in the U.S. Bankruptcy Court in Wilmington, Del., hoping to have a sale completed by September. Court papers show Schramm already has lined up an initial $16.3 million offer from private-equity firm GenNx360 Capital Partners LP, an existing lender that also owns a large stake in Schramm’s bankrupt parent company. Schramm said that demand for its rigs has suffered because of the larger downturn in the oil-and-gas industry. Some of its rig assemblies have been idled, cutting into revenue projections.
