Simpson Thacher is representing JPMorgan Chase Bank, N.A. (“JPM”), in its capacity as Prepetition Superpriority Agent, Prepetition ABL Agent, DIP Agent, and lender in connection with the chapter 11 bankruptcy of Axip Energy Services, LP and its affiliated debtors (“Axip”). Axip filed voluntary petitions for relief before the United States Bankruptcy Court for the Southern District of Texas on February 22, 2026.
JPMorgan, on behalf of the Superpriority and ABL Lenders, negotiated to provide a $105 million senior secured DIP financing to fund the chapter 11 cases and the sale process contemplated thereby. The DIP facility includes $25.5 million of new money commitments and a repayment and refinancing of prepetition superpriority and ABL obligations through a rollup during the chapter 11 cases.
Axip is a leading provider of natural gas compression services, servicing upstream and midstream customers in all major producing basins in the United States and offshore Gulf of Mexico.
The Simpson Thacher team includes Elisha Graff, Dov Gottlieb and Zachary Weiner (Restructuring); Brandan Still, Ron Havas and Javier Felix (Credit); Daniel McEntee (M&A); and Jana Hymowitz (ECEB).