GMX Resources announces $338 million winning bid for company assets

By Caroline Salls

Pittsburgh, Aug. 28 - GMX Resources, Inc. said the winning bid at the Aug. 28 auction for substantially all of its assets was a $338 million credit bid submitted by GMXR Acquisition LLC.

According to a company news release, the credit bid reflects amounts owed to GMX Resources' first-lien lenders.

The sale hearing is scheduled for Sept. 10.

Oklahoma City-based GMX Resources explores, develops and produces properties for the production of crude oil and natural gas. The company filed for bankruptcy on April 1 in the U.S. Bankruptcy Court for the Western District of Oklahoma under Chapter 11 case number 13-11456.

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