Dakota Plains Holdings filed with the U.S. Bankruptcy Court a Joint Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “[T]he Debtors conducted an auction of substantially all of their assets on January 23, 2017.
BioUrja Trading, LLC (the ‘Purchaser’) provided the highest and best bid in the amount of $10.850 million. Following a hearing on January 27, 2017, the Bankruptcy Court entered the Sale Order, which, among other things, approved the auction results and authorized the sale of substantially all of the Debtors’ assets to the Purchaser….Following the closing of the sale of substantially all of the Debtors assets, the Debtors will no longer operate, but will continue to liquidate any remaining assets and claims up until such assets are transferred to the Liquidating Trust in accordance with the Plan.”
Read more energy bankruptcy news.