Alta Mesa Kingfisher debtors secure court approval of sale procedures

By Caroline Salls

Pittsburgh, Jan. 15 – Alta Mesa Resources, Inc.’s Kingfisher Midstream, LLC debtors received court approval of the bid procedures for the proposed sale of their assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the Alta Mesa and Kingfisher debtors both entered into asset purchase agreements with stalking horse bidder BCE-Mach III LLC.

Of the total $310 million to be paid by BCE-Mach III under the agreements, $224.75 million would go to Alta Mesa and $85.25 million to Kingfisher.

If the stalking horse bidder is not ultimately the winning bidder, Alta Mesa and Kingfisher would pay it a 3% break-up fee.

The auction was scheduled to be held on Jan. 15, and the sale hearing is scheduled for Jan. 21.

On Monday, the Kingfisher debtors joined the Alta Mesa Chapter 11 cases in order to complete the asset sale.

Alta Mesa is an onshore oil and gas company based in Houston. It filed for bankruptcy on Sept. 11. The Chapter 11 case number is 19-35133.

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