The U.S. Bankruptcy Court issued an order approving Azure Midstream Partners’ motion for expedited consideration of its motion for the sale of substantially all of the Debtors’ assets; approving the Debtors’ selection of the stalking horse purchaser and the provision of bid protections to the stalking horse purchaser; establishing dates for an auction if the Debtors receive one or more timely and acceptable qualified bids and a final sale hearing to approve the sale of assets.
As previously reported, “After extensive deliberations with their advisors and separate negotiations with the potential bidders that participated in the second stage of the process, the Debtors have elected to proceed with the bid submitted by M5 Midstream LLC (the ‘Stalking Horse Purchaser’) as the highest or otherwise best bid received for the Assets, subject to the Debtors’ receipt of any higher or otherwise better bids at an Auction to be held on March 10, 2017.”
In addition, “The total consideration to be realized by the Debtors is approximately $151,100,000, subject to certain adjustments, the ‘Stalking Horse Bid.’…The Stalking Horse Purchaser shall be entitled to a Break-Up fee equal to 3% of the Purchase Price and an Expense Reimbursement of up to $1,000,000.”
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