Luca buyer seeks enforcement of sale procedures order; auction stayed

By Caroline Salls

Pittsburgh, Feb. 24 – Luca International Group LLC asset purchaser and debtor-in-possession lender Schumann/Steier Holdings, LLC asked the U.S. Bankruptcy Court for the Southern District of Texas to enforce the terms of an order approving the procedures for the sale of substantially all of the company’s assets, according to a motion filed Wednesday.

Schumann/Steier said no other qualified bids were submitted by the bid deadline. One non-conforming bid was received, but Schumann/Steier said it was informed that its bid had been accepted and no auction would be held.

However, Schumann/Steier said Luca “then reversed course” and told Schumann/Steier that the auction would in fact be held on less than 16 hours’ notice.

As of Wednesday’s filing, Schumann/Steier said it still had not received the terms of the competing bid, as required by the order.

According to a separate filing, the auction scheduled for Feb. 24 was stayed pending a ruling on the Schumann/Steier enforcement motion.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6, 2015. The Chapter 11 case number is 15-34221.

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