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Enduro Resource Partners Sale Sought

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Enduro Resource Partners filed with the U.S. Bankruptcy Court a motion for entry of (a) an order (i) approving bidding procedures in connection with sale of assets of the Debtors and related bid protections, (ii) approving form and manner of notice, (iii) scheduling auction and sale hearing, (iv) authorizing procedures governing assumption and assignment of certain contracts and unexpired leases; and (b) an order (i) approving purchase agreements and (ii) authorizing a sale free and clear of all liens, claims, encumbrances, and other interests.

The motion notes that the: “Purchase Price is (a) for the North Dakota Package, $45,000,000; (b) for the Wyoming Package, $5,000,000; and (c) for the Trust Related Assets Package, $27,500,000; in each case, subject to customary adjustments the Bidding Procedures….Debtors contemplate a ‘reserve price’ for the North Louisiana Package by virtue of a minimum required bid of $14,000,000.  In the event the Debtors fail to receive such a bid, or otherwise fail to reach an acceptable purchase agreement with a third party purchaser of the North Louisiana Package, such assets will be acquired by the Debtors’ first lien lenders pursuant to a separate purchase agreement and the terms of the chapter 11 plan of liquidation.” The motion proposes the following key dates: July 11, 2018 as the deadline to submit qualified competing bids; July 16, 2018 for an auction, if necessary, and June 19, 2018 for a sale hearing.​

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