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Alpha Natural Resources Procedures, Bidder Approved

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According to the U.S. Bankruptcy Court docket, the Court approved Alpha Natural Resources’ motion for entry of an order (a) approving Rice Drilling as stalking horse bidder for the purchase of natural gas assets; (b) approving bid protections in connection with such sale and (c) granting related relief.

As previously reported, “The Debtors therefore propose that the PLR Stalking Horse be designated as the stalking horse bidder for the PLR Assets. The PLR Stalking Horse is an affiliate of Rice Energy (‘Rice’), which is a publicly traded company with existing oil and gas operations in Greene County. The PLR Stalking Horse is providing a $20,000,000 deposit in accordance with the Bidding Procedures and the PLR Stalking Horse APA….To accommodate the transaction with the PLR Stalking Horse, the First Lien Lenders have agreed to remove the PLR Assets from the Lender Stalking Horse APA and make related adjustments to their bid, including by adjusting the Reserve Price. Consistent with the First Lien Lenders’ allocation of $175,000,000 of the Lender Stalking Horse Bid to the PLR Assets, the Lender Stalking Horse’s revised bid for the Reserve Price Assets other than the PLR Assets will reduce the Reserve Price by no more than $175,000,000 from $500,000,000 to not less than $325,000,000 (such bid, the ‘Amended Lender Stalking Horse Bid’).”

Court-filed documents continue, “The PLR Stalking Horse has agreed to participate as a stalking horse bidder for the PLR Assets–at a cash purchase price well in excess of the First Lien Lenders’ credit bid for the PLR Assets….To be considered, a qualified bid must include a purchase price at least equal to $200 million plus the initial bid increment. The initial bid increment under the asset purchase agreement is $4.5 million.” Read more ANR bankruptcy news.

 

The post Alpha Natural Resources Procedures, Bidder Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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