PLEASE TAKE NOTICE THAT the debtors (the “Debtors”) in the chapter 11 cases administratively consolidated as In re Emerald Oil, Inc., Case No. 16-10704, pending in the United States Bankruptcy Court for the District of Delaware (the “Court”), filed the Debtors’ Motion for Entry of (I) An Order (A) Approving Bidding Procedures and Bid Protections in Connection with the Sale of Substantially All of the Debtors’ Assets, (B) Approving The Form And Manner of Notice Thereof, and (C) Scheduling an Auction and Sale Hearing, (D) Approving Procedures for the Assumption and Assignment of Contracts, and (E) Granting Related Relief and (II) An Order (A) Approving the Asset Purchase Agreement Between the Debtors and the Purchaser, and (B) Authorizing The Sale Of Substantially All Of The Debtors’ Assets Free and Clear Of Liens, Claims, Encumbrances, and Interests, (C) Authoring the Assumption and Assignment of Contracts, and (D) Granting Related Relief [Docket No. 336](the “Sale Motion”) with the United States Bankruptcy Court for the District of Delaware (the “Court”) seeking, among other things, entry of an order (the “Sale Order”) authorizing and approving: (a) the sale of substantially all of the Debtors’ assets (the “Assets”) to New Emerald Holdings, LLC (the “Stalking Horse Bidder”) free and clear of liens, claims, encumbrances, and other interests, with all such liens, claims, encumbrances, and other interests attaching with the same validity and priority to the sale proceeds, except as set forth in the Stalking Horse Stalking Horse Purchase Agreement and subject to higher or otherwise better offers (the “Sale”); and (b) procedures for the assumption and assignment of executory contracts and unexpired leases (collectively, the “Contracts”). .
PLEASE TAKE FURTHER NOTICE that the Debtors are soliciting offers for the purchase of the Assets of the Debtors consistent with the bidding procedures (the “Bidding Procedures”) approved by the Court by entry of an order on July 28, 2016 [Docket No.572] (the “Bidding Procedures Order”). All interested bidders should carefully read the Bidding Procedures and Bidding Procedures Order.
PLEASE TAKE FURTHER NOTICE that, if the Debtors receive qualified competing bids within the requirements and time frame specified by the Bidding Procedures, the Debtors will conduct an auction (the “Auction”) of the Assets on September 20, 2016 at 10:00 a.m. (prevailing Eastern Time) at the offices of Kirkland & Ellis LLP, 601 Lexington Avenue, New York, New York 10022‑4611 (or at any other location as the Debtors may hereafter designate on proper notice).
PLEASE TAKE FURTHER NOTICE that the Debtors will seek approval of the Sale at a hearing scheduled to commence on or before September 29, 2016, at 10:00 a.m. (prevailing Eastern Time) (the “Sale Hearing”) before the Honorable Kevin Gross, United States Bankruptcy Judge for the Bankruptcy Court for the District of Delaware, at 824 North Market Street, 6th Floor, Courtroom No. 3, Wilmington, Delaware 19801.
PLEASE TAKE FURTHER NOTICE that copies of the Sale Motion, Bidding Procedures, and Bidding Procedures Order, as well as all related exhibits, including the Stalking Horse Purchase Agreement and the proposed Sale Order, are available: (a) free of charge upon request to Donlin, Recano & Company, Inc. (the notice and claims agent retained in these chapter 11 cases) by calling 1 (877) 208-9515; (b) by visiting the website maintained in these chapter 11 cases at http://www.donlinrecano.com/emerald; or (c) for a fee via PACER by visiting http://www.deb.uscourts.gov.
PLEASE TAKE FURTHER NOTICE that you may obtain additional information concerning the above-captioned chapter 11 cases at the website maintained in these chapter 11 cases at http://www.donlinrecano.com/emerald.
|Counsel to the Debtors||Co-Counsel to the Debtors|
|Kirkland & Ellis LLP
300 North LaSalle
Chicago, Illinois 60654
Attn.: Ryan Blaine Bennett, Steve Toth,Travis M. Bayer, and Timothy R. Bow
|Pachulski Stang Ziehl & Jones LLP919 North Market Street, 17th Floor, P.O. Box 8705
Wilmington, Delaware 19899
Attn.: Laura Davis Jones and Colin R. Robinson
THIS DEAL WAS ADDED TO THE DAILY DAC OPPORTUNISTIC DEAL DATABASE ON 8/22/16. TO SEE MANY MORE DEALS INVOLVING FINANCIALLY DISTRESSED COMPANIES AND OTHER TIME SENSITIVE SITUATIONS, YOU CAN SUBSCRIBE HERE.
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