Oil and gas company Nine Point Energy's pipeline provider has asked a Texas bankruptcy court to grant it a $157.1 million priority claim for unpaid bills at the same time Nine Point is asking permission to sell its assets to its secured creditors for a $250 million credit bid.
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Nine Point Energy Gets OK For $20M DIP Loan, June Auction
Law360 (April 12, 2021, 1:36 PM EDT) Colorado-based oil and gas company Nine Point Energy got approval Monday for its Chapter 11 financing and auction process after telling a Delaware bankruptcy judge it had reached a compromise with creditors who said the sale was moving too fast.
Pumpjacks work in a field near Lovington, New Mexico. On Monday, oil and gas company Nine Point Energy got the green light for its Chapter 11 financing and auction process. (AP Photo/Charlie Riedel) At a brief virtual hearing, U.S. Bankruptcy Judge Mary Walrath approved Nine Point s debtor-in-possession financing and asset sale procedures after Nine Point s counsel said talks with shareholders and.
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Nine Point Submits $250M Stalking Horse Bid, $20M DIP
Law360 (April 9, 2021, 5:30 PM EDT) Colorado-based oil and gas company Nine Point Energy asked a Delaware bankruptcy judge on Friday to allow it to accept $20 million in Chapter 11 financing and a $250 million stalking horse credit bid for its assets from its secured lenders.
In motions submitted on Friday, Nine Point said it hopes to have its assets on the block by mid-June and in the hands of its secured lenders or another buyer by July.
The company which operates 198 wells in North Dakota and Montana filed for Chapter 11 on March 15 with $277.3 million in secured debt, saying it.