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

Stone Energy Bid Procedures Approved

0
0

The U.S. Bankruptcy Court approved Stone Energy’s motion to assume a purchase and sale agreement with stalking horse bidder TH Exploration, break-up fee and expense reimbursement and the sale of certain assets of the Debtors located in Appalachia free and clear of all claims, liens, liabilities, rights, interests and encumbrances except for permitted title encumbrances.

As previously reported, “[O]n October 20, 2016, Stone and the Buyer entered into the PSA, pursuant to which, subject to Court approval, the Buyer has agreed to purchase substantially all of the Debtors’ Appalachia Assets…for approximately $360 million, subject to customary purchase price adjustments and the establishment of escrows as set forth therein.”

In addition, “To induce the Buyer to expend the time, energy and resources necessary to negotiate and execute the PSA, the Debtors have agreed to provide the Buyer with, and seek this Court’s approval of, certain protections pursuant to the terms of the PSA regardless of whether a Remarketing/Auction is required….Accordingly, any bid or combination of bids for all or substantially all of the Appalachia Assets must provide for aggregate consideration of at least $378 million, including cash consideration equal to the Break-up Fee and Expense Reimbursement.”The deadline to submit bids for the Debtors assets shall be February 3, 2017; followed by a February 10, 2017 sale hearing.

Read more energy bankruptcy news.

The post Stone Energy Bid Procedures 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