Energy Alloys gets approval of bid procedures for equity interests

By Sarah Lizee

Olympia, Wash., Nov. 6 – Energy Alloys Holdings, LLC obtained court approval of the bidding procedures for the sale of the debtors’ equity interests in the United Kingdom, Singapore and Dubai subsidiaries, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The debtors also received authorization to designate one or more stalking horse bidders for any or all of the equity interests and to enter into one or more purchase agreements.

The company has retained Moelis & Co., LLC to assist in selling the business. A marketing process began in early August.

Energy Alloys said that several parties have submitted indications of interest, and the company is hoping that one or more of those parties will serve as stalking horse bidder.

The stalking horse agreements provide for break-up fees and expense reimbursement in an amount no greater than 3% of an applicable qualified bid.

Bidding at the auction will begin with the starting bid and continue in increments of at least $100,000 above the prior bid.

Bids are due by noon ET on Nov. 13.

An auction, if necessary, will be held on Nov. 16.

A sale hearing is scheduled for Nov. 23.

Houston-based Energy Alloys provides oilfield metals, services, and supply chain solutions to global oil and gas manufacturers and service companies in the energy industry. The company filed Chapter 11 on Sept. 9 under case number is 20-12088.

© 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.