NEW YORK and WASHINGTON, Feb. 16, 2016 /PRNewswire/ -- Tiger Capital Group and Liquidity Services (NASDAQ: LQDT) today announced the launch of a partnership geared toward helping insolvency and turnaround professionals ramp up their services to the turbulent oil and gas market, as well as directly assist companies seeking to sell surplus assets.
As macro trends drive more oil and gas enterprises into bankruptcy or distress, the partnership—Tiger Liquidity Services Energy Partners—brings together two companies with substantial capital resources as well as decades of experience in the valuation and disposition of surplus assets, said Jeff Tanenbaum, president of Tiger Group's Remarketing Services division.
"Liquidity Services maintains the world's largest marketplace for business surplus and is well known for its expertise in the oil and gas sector," Tanenbaum noted. "For its part, Tiger has 40 years of experience in structuring liquidation events globally for Fortune 1000 companies, lenders, insolvency professionals, government agencies and small businesses. The result is a valuable new resource for the bankruptcy and turnaround community."
"The partnership is well positioned to help the sector adapt to the considerable challenges of today," said Daniel Beck, vice president of global sales for Liquidity Services.
"The mission of this partnership is to provide both the intelligence and the proven strategies needed to help distressed companies pay off creditors, remain solvent and even lay the foundation for future growth," he said. "Strategic adaptation could include everything from online auctions of surplus oil-and-gas assets, to rapid injections of capital, to the turnkey sale of whole operations."
"Other possible solutions for insolvency professionals working with distressed oil and gas companies include immediately receiving capital from the partnership by selling assets outright through a principal deal, or by marketing the assets on a consignment basis and offering them for sale via the partnership's proprietary online auction platforms or negotiated sale," Beck added.
With more than 80,000 oil and gas transactions completed to date, Washington, DC-based Liquidity Services markets assets to more than three million registered buyers in almost 200 countries and territories. Network International is the company's online marketplace for energy-related assets. "Network International is known for selling nearly every asset category, including equipment related to drilling, construction, pipelines, power generation, oilfield production, refineries, petrochemical units, and much more," Beck said.
New York-based Tiger Group annually appraises more than $30 billion in industrial and consumer product assets. The company has spent years honing its insolvency expertise and process-oriented approach to asset valuation and disposition, Tanenbaum said. "Tiger Group and Liquidity Services are a perfect fit," he said. "Together, we have the marketplaces, the buyers, the historical sales data and the years of experience needed to help insolvency professionals seize opportunities in today's challenging oil and gas sector."
About Tiger Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Sydney and San Francisco. To learn more about Tiger, please visit www.TigerGroup.com
About Liquidity Services, Inc.
Liquidity Services is a global solution provider in the reverse supply chain with the world's largest marketplace for business surplus. The company partners with global Fortune 1000 corporations, middle market companies, and government agencies to intelligently transform surplus assets and inventory from a burden into a liquid opportunity that fuels the achievement of strategic goals. The company's superior service, unmatched scale and ability to deliver results enables it to forge trusted, long-term relationships with over 8,000 clients worldwide. With nearly $6 billion in completed transactions, and approximately three million buyers in almost 200 countries and territories, the company is the proven leader in delivering smart surplus solutions. To learn more about Liquidity Services, please visit LiquidityServices.com.
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SOURCE Tiger Capital Group and Liquidity Services
At Parness & Associates Public Relations, Bill Parness, bparness@parnesspr.com, (732) 290-0121, Mobile: (732) 673-6852; At Liquidity Services, Jeanette Hanfling, jeanette.hanfling@liquidityservices.com, (202) 467-5723
