Green Field Energy: Court approves $35 million asset sale procedures

By Lisa Kerner

Charlotte, N.C., Feb. 19 - Green Field Energy Services, Inc.'s bid procedures for the $35 million sale of certain assets under the GBCI agency agreement were approved, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The bid deadline is 5 p.m. ET on March 5.

An auction, if necessary, will be held on March 7.

The sale hearing is scheduled for March 11 at 2 p.m. ET.

The court also approved bid protections for GBCI including a $1 million breakup fee and payment of expenses not to exceed $250,000.

The GBCI agency agreement requires a $5 million good-faith deposit.

Green Field is a Lafayette, La.-based energy services company that operates in the well services and hydraulic fracturing services lines. The company filed for bankruptcy on Oct. 27 under Chapter 11 case number 13-12783.

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