Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Red Mountain Resources Sale Approved

0
0

The U.S. Bankruptcy Court issued an order (a) approving Red Mountain Resources’ amended purchase agreement and (b) authorizing the sale to Black Mountain Operating free and clear of liens.

The Court previously stated, “In the event that the successful Bidder does not match the amount of the New Bid, the New Bid shall become the successful Bidder….If Black Mountain Operating matches the New Bid, it shall be deemed the final successful Bidder with the bidding process closed, subject to entry of the final sale order.”

The order states, “The purchase price to be paid to Sellers by Buyer shall be an amount equal to Six Million Six Hundred Fifty Thousand Dollars ($6,650,000) (the ‘Unadjusted Purchase Price’) to be paid as set forth in this Article 3. On June 29, 2016, Buyer transferred to the Escrow Account an amount equal to Three Hundred Ten Thousand Dollars ($310,000) (such amount, the ‘Initial Payment’), to be held pursuant to the terms of this Agreement. Subject to the further terms hereof, Buyer will pay to Sellers at Closing the ‘Closing Payment’, which shall equal (1) the Unadjusted Purchase Price,(2) less the Initial Payment.”

Read more bankruptcy news.

 

The post Red Mountain Resources Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images