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MTE gets final exclusivity extension to complete asset sale process
By Sarah Lizee
Olympia, Wash., April 7 – MTE Holdings LLC secured a final extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the court extended the plan filing period through April 22 for MTE Holdings, April 23 for Olam Energy Resources I LLC and MTE Partners LLC, and May 8 for the operating debtors, and the solicitation period through June 22 for MTE Holdings, June 23 for Olam and MTE Partners, and July 8 for the operating debtors.
On March 5, the debtors held an auction for substantially all of their assets and selected the bid proposed by Riverstone Credit Management, LLC on behalf of purchaser Maple Energy Holdings, LLC, as the winning bid. The company chose a bid from Arena Investors, LP on behalf of Chato Energy LLC as the back-up bidder.
Since then, the debtors’ advisers have been engaged in finalizing the final form of the asset purchase agreement with advisers from Riverstone and Arena, the company said in its motion.
As part of these discussions, the parties are considering whether to effect the sale transaction through a plan of reorganization rather than through a sale order.
Furthermore, in the event the debtors are unable to finalize the asset purchase agreements with Riverstone and Arena, the debtors continue to work with Natixis, New York Branch, BMO Harris Bank, NA and priority lienholders on a potential credit bid for the debtors’ assets.
“To enable the debtors to complete this process without interference, the debtors seek to preserve their exclusive periods up to the statutory limit, based on each debtor’s respective petition filing date,” the motion said.
MTE is a Midland, Tex.-based holding company. The company filed bankruptcy on Oct. 22, 2019 under Chapter 11 case number 19-12269.
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