The U.S. Trustee assigned to the Samson Resources’ case filed with the U.S. Bankruptcy Court an objection to Debtors’ motion for entry of an order (i) establishing bidding procedures and granting related relief and (ii) approving the sale of certain assets free and clear of liens, claims, encumbrances and interests.
The objection asserts, “The U.S. Trustee objects to the approval of the (1) Break-Up Fee to the extent that it becomes payable prior to the consummation of an alternative transaction; and (2) Expense Reimbursement Fee to the extent that there are no procedures for the review of the expense reimbursement amounts. No breakup fee or expense reimbursement should be awarded, if at all, until after a sale has been consummated, all interested parties are given notice and an opportunity to be heard, and the Court has determined that the fee was an actual and necessary cost and expense of preserving the estate….In accordance with O’Brien, since the Break-Up Fee and the Expense Reimbursement become payable prior to the consummation of an alternative transaction and without any process for review, they should be denied.”
Read more oil & gas bankruptcy news.
The post Samson Resources Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.