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Samson Resources Sale Approved

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The U.S. Bankruptcy Court issued an order approving Samson Resources’ sale of property and motion for an order authorizing the Debtors to sell aircraft free and clear of all liens, claims and encumbrances.

As previously reported, “The Debtors engaged JBA Aviation as a broker and after conducting significant negotiations with several potential buyers, agreed to sell the Aircraft to the Initial Buyer. Since the Initial Buyer’s decision not to consummate its purchase, the Debtors have engaged in negotiations with other potential buyers. The Debtors have now agreed, subject to Court approval, to sell the Aircraft to the Buyer for a purchase price of $2,750,000. The Debtors will owe the Broker 2% of the gross sales price, or approximately $55,000, in exchange for its services, plus reimbursement of certain expenses in the amount of approximately $5,000.”

Court filed documents continue, “The Debtors’ estates will be relieved of on-going liabilities associated with owning the Aircraft, including lease payments for the hangar in which the Aircraft is stored, insurance premiums, salary and benefits of the staffed pilot and contracted co-pilots, maintenance fees, and licensing obligations. Moreover, the Debtors’ estates will receive a direct cash influx from the Buyer by consummating the sale, which the Debtors have agreed to segregate on account of the Aircraft being unencumbered.”

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