Buccaneer Energy Ltd. wants to hold an auction later this summer to sell its Alaska assets, as part of ongoing bankruptcy proceedings for the company and its subsidiaries.
The Australian independent has asked the U.S Bankruptcy Court for the Southern District of Texas to schedule an auction in Houston, Texas, starting the morning of Aug. 4.
The court is set to hold a hearing on the matter on July 8.
According to Buccaneer, AIX Energy LLC has agreed to be the "stalking horse bidder" for the auction, purchasing "substantially all" of Buccaneer's assets for an aggregate price of $58,476,264.71. A stalking horse bidder makes an initial bid in a bankruptcy auction as a way to ensure that the seller gets a certain minimum value for its assets.
AIX Energy is one of the largest creditors in the proceedings.
- ERIC LIDJI
See story in June 29 issue, available online Friday, June 27, at www.PetroleumNews.com
