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The U.S. Bankruptcy Court issued an order approving Enduro Resource Partners’ motion relating to the sale of substantially all of its assets pursuant to a Section 363 auction process. As previously reported, “the Purchase Price is (a) for the North Dakota Package, $45,000,000; (b) for the Wyoming Package, $5,000,000; and (c) for the Trust Related Assets Package, $27,500,000; in each case, subject to customary adjustments the Bidding Procedures….Debtors contemplate a ‘reserve price’ for the North Louisiana Package by virtue of a minimum required bid of $14,000,000. In the event the Debtors fail to receive such a bid, or otherwise fail to reach an acceptable purchase agreement with a third party purchaser of the North Louisiana Package, such assets will be acquired by the Debtors’ first lien lenders pursuant to a separate purchase agreement and the terms of the chapter 11 plan of liquidation.” The motion proposes the following timeline: a deadline of July 11, 2018 to submit qualified bids and an auction date, if necessary, of July 16, 2018.
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