Susquehanna Sues Texas-Based Lessee for Nonpayment

According to a complaint filed in the U.S. District Court for the Western District of Louisiana, Susquehanna Commercial Finance filed a lawsuit against GES Gladiator Energy Services, a Richardson, TX-based provider of coil tubing services to the oil and gas industry.

According to the complaint, SCF is owed $545,352 which is the balance remaining of a lease that was entered into on October 24, 2014 with Summit Funding Group in connection with a 60-month lease covering three Peterbilt tractors. Summit subsequently assigned its interest in the lease to SCF on November 6, 2014.

SCF alleges that GES has not made a payment since February 1, 2016 and is seeking to recover the balance owing plus collection expenses and default interest. According to court documents, the lessee has surrendered the equipment to SCF, which is expected to dispose of the equipment in a commercially reasonable manner and apply the net proceeds to the balance owed by GES.

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Terry Mulreany
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