Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 29, 2013, a newly-formed, wholly owned subsidiary of Steel Energy entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) to acquire substantially all of the assets of Black Hawk Energy Services, Inc. (“Black Hawk”) for $60.0 million in cash.  Closing of Asset Purchase Agreement is subject to several closing conditions, including that there has been no material adverse effect on the condition of Black Hawk, consent, if necessary, of the lenders under the Steel Energy Credit Agreement, certain employees of Black Hawk accepting employment, and satisfaction of certain employment matters requirements.  In connection with the Asset Purchase Agreement, Steel Energy will execute a guaranty at closing that guarantees the payment obligations, if any, of its newly-formed subsidiary after the closing.

In November 2013, Ruckus cancelled a scheduled event and placed the majority of its employees on non-paid leave as a result of not having sufficient cash to fund current operations.  Ruckus continues to explore its alternatives and assess its ability to remain a going concern.