Sable Permian Resources asset sale procedures OK’d; auction Oct. 2

By Caroline Salls

Pittsburgh, Aug. 12 – Sable Permian Resources, LLC received court approval of the bid procedures for the proposed sale of its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Sable said it will solicit bids for the sale of substantially all or a portion of its through one or more sales or through a plan of reorganization term sheet.

The deadline for those interested in serving as a stalking horse bidder to submit those bids is 6 p.m. ET on Aug. 26. Sable must designate any stalking horse bidders by 6 p.m. ET on Aug. 28.

The approved bid procedures allow the company to offer any stalking horse bidder bid protections that do not exceed 3% of the proposed purchase price, which would be paid if the stalking horse is not ultimately the winning bidder.

Competing bids are due by 6 p.m. ET on Sept. 25.

An auction will be held on Oct. 2, if necessary, and the sale hearing is scheduled for Oct. 13.

The minimum overbid amount is $2 million.

Sable is a Houston-based oil and gas acquisition, development, and optimization company. The company filed bankruptcy on June 25 under Chapter 11 case number 20-33193.

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