White Star Petroleum bid procedures approved; auction set for Aug. 27

By Caroline Salls

Pittsburgh, July 12 – White Star Petroleum Holdings, LLC received court approval of the bid procedures for the sale of its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Western District of Oklahoma.

Preliminary bids are due by 1 p.m. ET on July 17, and required bid documents must be received by 1 p.m. ET on Aug. 20.

If a stalking horse bid is selected between the preliminary bid deadline and the auction date, White Star obtained court approval to pay that bidder a 3% break-up fee and reimburse up to $250,000 of its sale-related expenses if it is not ultimately the high bidder.

An auction will be held on Aug. 27, if necessary, and the sale hearing is scheduled for Sept. 12.

The company filed bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 28, and the case was transferred to Western Oklahoma on June 30. The Chapter 11 case number is 19-12521.

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