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Knight Oil Tools’ Parent Company Files For Bankruptcy

Knight Oil Tools (Facebook)
Knight Oil Tools (Facebook)

Court documents show Knight Energy Holdings LLC has filed for Chapter 11 bankruptcy.

The Lafayette-based company filed the bankruptcy petition Tuesday stating the company’s debt ranges from $100 million to $500 million with its assets ranging from $50 million to $100 million.

Knight Energy Holdings listed 11 companies–including Knight Oil Tools— as subsidiaries and three affiliate companies in the petition.

Knight Subsidiaries
Knight Subsidiaries

According to Investopedia,  Chapter 11 bankruptcy helps a business restructure its debts and obligations. It does not usually shutter the business.

The company has faced years of turmoil following a racketeering scandal involving Knight administrators and local law enforcement.

On July 29th, 2015, Mark Knight and three others were indicted by a grand jury in an alleged plot to get Knight’s brother, Bryan Knight, out of the family business, Knight Oil Tools.

Also indicted with Knight was Jason Kinch, a former Lafayette Parish Sheriff’s Deputy; Corey Jackson, a former Louisiana State Trooper; and a former Knight Oil Tool employee Russell Manuel. The four were indicted on racketeering charges.

Here's How the Whole Knight Oil Tools Racketeering Case Started

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