Energy Alloys LLC filed for bankruptcy protection Wednesday, its business of supplying specialty metals to the oil-and-gas industry tattered by distress in the sector, WSJ Pro Bankruptcy reported. The bankruptcy involves the U.S. and Canadian operations of a private-equity-backed company that also does business in Asia, Europe and the Middle East providing carbon, alloy, stainless steel and nickel solid bar and tube-based products to global oil-field service manufacturers. Most of the debt is on the U.S. and Canadian businesses, which also felt most of the pain from falling oil prices and coronavirus pandemic disruption that sent the oil-and-gas sector staggering, restructuring executive Bryan Gaston said in a court filing. Energy Alloys’ U.S. and Canadian operations have been winding down since May, as the company, in agreement with lenders, sold equipment and inventory to pay down debt. Energy Alloys plans to sell its businesses in Asia, Europe and the Middle East, and its remaining U.S. assets to pay off the rest of what it owes, court papers say.
