Luca International Group granted approval of $2.4 million asset sale

By Caroline Salls

Pittsburgh, March 3 – Luca International Group LLC received court approval of the $2.4 million sale of substantially all of its assets to SSI Energy LLC, according to an order filed March 3 with the U.S. Bankruptcy Court for the Southern District of Texas.

According to the asset purchase agreement, SSI agreed to pay $3 million, less the balance of the company’s debtor-in-possession loan, bringing the adjusted purchase price to $2.4 million.

As previously reported, no other bids were receive by the Feb. 22 bid deadline, so Luca cancelled the auction and named SSI the winning bidder.

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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