Strike Is Taking Action to Position Our Company for Long-Term Success
On December 6, Strike announced that it has entered into an agreement with affiliates of American Industrial Partners (“AIP”), the Company’s largest lender, under which AIP will acquire Strike. To facilitate the transaction process, Strike has filed voluntary petitions for a court-supervised restructuring under Chapter 11 of the U.S. Bankruptcy Code. This action is expected to provide for a quick and orderly sale of the Company in a court-supervised auction and sale process.
Strike expects to continue operating as normal during the sale process. We have ample liquidity to meet our obligations, including a commitment for additional financing in connection with this process, and we remain focused on serving customers and working with suppliers. Our customers remain our top priority and we are as dedicated as ever to providing end-to-end pipeline, facilities, and energy infrastructure solutions and the highest quality of service.
We expect the sale to proceed expeditiously and target a 60 day process. For more information about what this process means for Strike and our stakeholders, please refer to the letters and FAQs on this page.
Strike Enters Asset Purchase Agreement with Affiliates of American Industrial Partners