Permian is in post-confirmation liquidation, with the Permian Trust administering residual wind-down matters and the trustee targeting a final-decree application by September 30, 2026, according to the latest Post-Confirmation ReportDkt. 710. The case is no longer a live operating restructuring: the plan was confirmed in January 2021, became effective in March 2021, and the current quarterly activity is minimal, with only $265 of reported disbursements for the quarter ended March 31, 2026.
The debtors filed chapter 11 in July 2020 after a severe operating and liquidity decline in the oilfield equipment business. The Maier declaration described a manufacturer of above-ground wellsite fluid containment and processing systems whose revenue fell from $97.5 million in 2018 to $63.6 million in 2019 and $14.5 million through June 2020, with no positive adjusted EBITDA since January 2019; it also tied the filing to the energy-market collapse, low oil prices, COVID-19 effects, operational issues, management turnover, and failed out-of-court negotiations among New Mountain and Solace constituencies. The same First Day DeclarationDkt. 13 put the funded-debt stack at roughly $84.1 million, including $28.6 million outstanding under New Mountain first-lien facilities, unsecured 2016 and 2018 promissory notes, and a PPP loan.
The chapter 11 path moved from operating preservation and a New Mountain-backed sale process into liquidation. At filing, the debtors sought to keep the business running with a $5 million New Mountain DIP facility and a stalking-horse transaction in which a New Mountain affiliate would credit bid DIP and prepetition secured debt, while Seaport Gordian ran a marketing process. By December 2020, the debtors had shifted into an , followed by a and confirmation through the .
The remaining posture is trust administration rather than business reorganization. The latest post-confirmation report shows cumulative cash disbursements of $419,022 since the effective date, no current-quarter professional-fee payments, full payment percentages for secured and priority claims as reported, and no distributions to general unsecured claims; the practical next milestone is the trustee’s anticipated final-decree application by September 30, 2026, as reported in the Post-Confirmation ReportDkt. 710.
