ERG Intermediate pushes bid, asset auction deadlines back two weeks

By Kali Hays

New York, July 28 – ERG Intermediate Holdings, LLC filed amended deadlines related to the proposed sale of substantially all company assets located in California, according to a Monday notice with the U.S. Bankruptcy Court for the Northern District of Texas.

Under the amended procedures, the deadline to submit qualified bids is 1 p.m. ET on Aug. 10, and an auction will take place on Aug. 13.

The initial procedures set a bid deadline of 5 p.m. ET on July 27 and scheduled an auction for July 29.

A sale hearing is scheduled for Aug. 25.

As previously reported, only offers providing for the purchase of ERG’s California assets as a group will be considered.

The company has yet to select a stalking horse bidder for the assets, but if one is designated, its offer will represent the opening bid at auction.

ERG is a Houston-based independent oil and gas company that filed for bankruptcy on April 30. The Chapter 11 case number is 15-31858.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.