Mississippi Chemical auction for potash assets ends with no further bids

New York, Jan. 28 - Mississippi Chemical Corp. said its auction for its potash assets ended with no further bids being received.

Interested parties were asked to submit bids, but none were received by the time the bidding period ended on Jan. 26.

As a result the stalking horse bid is the highest offer, the Yazoo City, Miss., crop nutrient company said in a news release.

Mississippi Chemical announced in December that its Mississippi Potash Inc. and Eddy Potash Inc. subsidiaries had agreed to sell their potash assets to two subsidiaries of Intrepid Mining LLC for $27 million. Intrepid Mining is a privately held Denver company with potash mining and oil and gas operations in the Rocky Mountain region.

The sale is expected to close in late February. Approval is required from the U.S. Bankruptcy Court in Jackson, Miss.

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