This is a significant milestone in the company’s history, as it not only addresses the emergence of WDi from Chapter 11, but also settles all outstanding adversary litigation.
Houston, TX (PRWEB) March 21, 2017
Houston-based Petroleum Products & Services, Inc. d/b/a Wellhead Distributors International (WDi) has emerged from Chapter 11 Bankruptcy with a Plan of Reorganization unanimously supported by all creditors and litigants. The voluntary petition, Case No. 16-31201, was filed in the United States Bankruptcy Court for the Southern District of Texas - Houston Division. Presiding Judge Isgur agreed with the supporters of the plan. citing “insurmountable evidence in support of the WDi plan,” and approving it immediately. According to Alex Kiss, President and CEO of WDi, “This is a significant milestone in the company’s history, as it not only addresses the emergence of WDi from Chapter 11, but also settles all outstanding adversary litigation.” Under the plan, WDi will repay its debt to creditors over time, allowing the business to focus on its core strategies and its valued customers. According to Mr. Kiss, “Our talented group of employees made the most of a difficult situation. They all pulled together and worked tirelessly during the reorganization process to develop a timely plan agreeable to our creditors and the court.”
Emerging from Chapter 11 within a year of its initial filing, WDi was also able to improve and streamline key areas within the operation at the same time. The WDi team took advantage of this opportunity to replace an outdated supply chain that had become increasingly unreliable and inconsistent. In its place, WDi has assembled an exclusive group of world-class supply chain partners who are committed to working with WDi to regain its market leader position. The company has repurposed its US manufacturing subsidiary and is now providing ‘high end’ contract manufacturing services. With an eye to the future, Kiss stated, “We have developed our own line of proprietary and patented API-6A product, including The “Fracmaster” CSS frac-valve, MBS multi-bowl engineered wellhead systems and our “WASP” spherical-annular multi-piston BOP. Timing in business is everything. With the company’s emergence from Chapter 11 coupled with improving market conditions, WDi is poised and ready for the industry upturn.”
About Wellhead Distributors International
WDi (Wellhead Distributors International) was established in 1995 as the first wholesale distributor of the full line API-6A wellhead equipment and valves in North America. To satisfy wider range of customer needs, WDi expanded its product line to include high pressure, engineered wellhead systems and specialty frac and high-temp valves and its services to include product design, manufacturing, assembly & test and aftermarket repair capabilities. WDi offers a full suite of wellhead equipment, gate & frac valves, frac equipment, chokes and multi-bowl wellhead systems. WDi serves independent wellhead service companies and original equipment manufacturers (“OEMs”), rental equipment providers, oilfield supply companies operating in the upstream oil and gas industry through its 5 stocking locations in the United States and Canada.