Despite boom, Sandia Drilling Company faces bankruptcy
Midland, Texas -- While large and small oil companies alike are undoubtedly reaping financial benefits throughout the Permian Basin, one company is auctioning its assets in Midland after filing for bankruptcy.
Sandia Drilling Co., Ltd, LLP, filed for Chapter 11 bankruptcy in May 2013, about eight months after the U.S. Equal Employment Opportunity Commission sued the company for allegedly committing several racist and discriminatory acts.
The lawsuit -- filed in September 2012 -- is not yet settled, EEOC spokesman Joseph Olivares said Monday. The EEOC and other creditors are now waiting for the U.S. Bankruptcy Court to determine what will happen with Sandia Drilling’s assets, he said.
Many assets -- including four complete trailer-mounted drilling rigs and other equipment -- are scheduled for auction at 10:30 a.m. today at the La Hacienda Event Center, 12600 Highway 191.
More at http://www.mrt.com/business/article_19f43b2a-00ba-11e4-8e39-0019bb2963f4.html .
