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Quicksilver Resources Sale Approval Sought

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Quicksilver Resources filed with the U.S. Bankruptcy Court a motion for an order (i) authorizing and approving the sale of all right, title, and interest in approximately 3,400 acres of unimproved real property located in Routt County, CO free and clear of all liens, claims, encumbrances and other interests; (ii) authorizing the Debtors to enter into and approving a contract to buy and sell real estate; (iii) granting the buyer of the Colorado Property (SBRJWM Ltd.) the protections afforded to a good faith purchaser; (iv) authorizing the payment of fees and expenses owed to agent Ranch Marketing Associates on account thereof and (v) granting certain other related relief.

The sale motion explains, “The Debtors have agreed to sell, and the Buyer has agreed to purchase, the Colorado Property….The purchase price for the Colorado Property is $3,750,000 in cash. The Buyer has a twenty-one (21) day due diligence period commencing on the MEC to review and object to various Due Diligence Documents, during which the Buyer may, if such Due Diligence Documents are not supplied or are unsatisfactory in Buyer’s sole discretion, notify the Debtors that the Contract is terminated or object to any Due Diligence Documents, at which point certain resolution procedures apply….The Agent is entitled to the Agent’s Fee which is set at a fixed 6% of the Purchase Price of the sale.”

The Court scheduled a March 17, 2016 hearing to consider the motion, with objections due by March 10, 2016. Read more energy bankruptcy news.