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Osage Exploration and Development Sale Approved

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The U.S. Bankruptcy Court issued an order (a) authorizing and approving (i) the asset purchase agreement to purchaser Red Bluff Resources Operating; (ii) the sale of the Debtors’ assets free and clear of all liens, claims, encumbrances and interests and (iii) the assumption and assignment of certain executory contracts and unexpired leases and (b) granting related relief.

The order states, “After the conclusion of the Auction held on M arch 24, 2016, the Debtor determined in a valid and sound exercise of its business judgment that (i) the highest and best Qualifying Bid in the amount of $8,400,000 (the ‘Winning Bid’) for the Purchased Assets was that of Purchaser who is approved as the Winning Bidder as such term is defined in the Bid Procedures.”

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The post Osage Exploration and Development Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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