Furie asset sale hearing delayed again, rolls two weeks to Jan. 27
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Steve Sutherlin Petroleum News
Furie Operating Alaska LLC has rescheduled an omnibus hearing on its Chapter 11 bankruptcy case, originally set for Jan. 13, to Jan. 27 at 11:00 a.m. Eastern Time.
The hearing, which includes the sale hearing on the sale of Furie’s assets, was adjourned with permission of the court to the later date, remaining before U.S. Bankruptcy Judge Laurie Selber Silverstein at the U.S. District Court of the District of Delaware.
The sale hearing was originally scheduled for Nov. 20, under a bidding procedures order signed Sept. 26 by Selber Silverstein.
The order set forth an ambitious schedule for the sale of the company’s assets, which would have seen the matter largely wrapped up by the end of 2019.
HEX LLC, 100% owned by member manager John L. Hendrix of Anchorage, was the successful bidder for the assets, primarily the Cook Inlet Kitchen Lights offshore unit, and related infrastructure such as the Julius R offshore platform, onshore processing facility and all related pipelines.
HEX bid $15,000,010, according to a Dec. 6 notice filed in the U.S. Bankruptcy Court for the District of Delaware, which noted that the transaction with the successful bidder will be a purchase of equity securities through a plan of reorganization.
Following the auction, the debtors selected Energy Capital Partners Mezzanine Opportunities Fund A LP, debtor-in-possession agent and prepetition term loan administrative agent, as the alternate bidder.
In its voluntary Chapter 11 bankruptcy in the Delaware court Aug. 9, Furie listed about $450 million in debt against assets it listed at an estimated value of less than $50 million.
The debtors will seek an order approving the sale of all of the debtors’ right, title and interest in and to the assets, free and clear of any pledges, liens, security interests, encumbrances, claims, charges, options and interests to the maximum extent permitted by section 363 of the Bankruptcy Code, with such interests to attach to the net proceeds of the sale of the assets with the same validity and priority.
Additional matters for consideration In addition to the sale hearing, the omnibus hearing will also include several other matters in the Furie Chapter 11 bankruptcy.
The court will consider an interim application for compensation of Prime Clerk LLC as the administrative advisor to the debtors for the period of Aug. 9 to Sept. 30, filed by Prime Clerk.
It will also consider an interim application for compensation of Womble Bond Dickinson LLP as co-counsel to the debtors for the period of Aug. 9 to Oct 31, filed by Womble Bond Dickinson.
Also under consideration will be an interim application for compensation of Halperin Battaglia Benzija LLP as counsel to the independent managers for the period of Sept. 24 to Oct. 31, filed by Halperin Battaglia Benzija.
The court will hear an application/motion to employ/retain Stoel Rives LLP as special Alaska counsel to the debtors, filed by Furie. Stoel Rives has an extensive history with Furie, having been retained by the company for various matters since 2011 - the year the company, then named Escopeta Oil, transported the Spartan 151 jack-up rig to Cook Inlet.
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