NEWS BULLETIN

March 05, 2020 --- Vol. 26, No.12March 2020

Orders signed to advance Furie asset sale to Kachemak Exploration

Judge Laurie Selber Silverstein signed several orders March 4 which pave the way for debtor Furie Operating Alaska LLC to complete an acquisition by foreclosure agreement with acquirer Kachemak Exploration LLC, a Delaware corporation recently formed by GFR Holdings of Fort Worth, Texas, and Melody Capital Partners L.P.

The orders were signed following a March 4 hearing in the Chapter 11 bankruptcy case of Furie and its related companies in the U.S. Bankruptcy Court for the District of Delaware.

Assuming no new major roadblocks arise, the assets in the sale - primarily the Cook Inlet Kitchen Lights offshore unit, related infrastructure such as the Julius R offshore natural gas platform, together with onshore processing facility and related pipelines - will finally be transferred to a new operator.

According to a support declaration by Scott Pinsonnault, Furie interim COO, filed on Feb. 18, Melody Capital has provided financial statements and evidence demonstrating the acquirer's ability to consummate the transaction.

There remains a possibility that Anchorage-based HEX LLC - which was previously named as successful bidder last fall in the asset auction - will make a restructured offer on the Furie assets. HEX indicated it was still in talks with the debtors, despite the Kachemak bid.

Selber Silverstein signed an order approving the debtors' motion for approval of settlement between the debtors, the lender parties, the buyer, the Webb litigants and the RWIO parties, filed by Furie.

The judge also signed an order for approval of settlement between the debtors and Alaska Pipeline Co., filed by Furie.

Selber Silverstein also signed an order approving debtors' motion for entry of an order establishing an administrative bar date and approving the form and manner of notice filed by Furie.

- STEVE SUTHERLIN

See full story in March 15 issue, available online Friday, March 13, at www.PetroleumNews.com

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