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Alpha Natural Resources Stalking Horse Bidder Named

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According to the U.S. Bankruptcy Court docket, Alpha Natural Resources filed a notice of (i) designation of Rice Drilling B as stalking horse for sale of natural gas assets and (ii) deadline to object to the stalking horse sale transaction.

The notice states, “On March 11, 2016 the Bankruptcy Court entered the Second Order Establishing Bidding and Sale Procedures for the Potential Sale of Certain Mining Properties and Related Assets….The Assets include the Debtors’ interest in Debtor Pennsylvania Land Resources Holding Company, LLC’s natural gas business in Southwestern Pennsylvania, including all oil and gas assets (collectively the ‘PLR Assets’) owned by its subsidiary Pennsylvania Land Resources, LLC….On April 26, 2016, the Bankruptcy Court entered the Order.”

The notice continues, “Any Qualified Bid for the PLR Assets under the Bidding Procedures must be in cash, include marked copies of the PLR Transaction Documents (including the proposed form of Sale Order) showing the proposed changes as compared to the PLR Stalking Horse Bid, and include a Purchase Price at least equal to $200,000,000 plus an initial bid increment of $4,500,000 in cash. Bidding on the PLR Assets at any Auction will proceed in increments of not less than $1,000,000.”

The Court established May 10, 2016 as the final date by which interested parties must file objections. Read more ANR bankruptcy news.

The post Alpha Natural Resources Stalking Horse Bidder Named appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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