Marion Energy Inc. Bankruptcy New Filing Alert: Order Regarding The Motion For Authority To Sell Assets Of The Estates Pursuant To Section 363 Of The Bankruptcy Code

On May 28, 2015, an order regarding the motion for authority to sell assets of the estates pursuant to section 363 of the Bankruptcy Code was filed in the bankruptcy case of Marion Energy Inc. and its affiliates.

The filing was assigned docket number 158 and is described on the court’s official docket as follows:

Order Granting in part, and Denying in Part The Joint Motion of Debtor and Secured Lender (TCS) for Approval of Modifications to Parties’ Stipulation and Order Granting Limited Relief to TCS. The Court grants the Movants request for consideration of the Motion on shortened time. The Motion is granted insofar as it relates to the trade-in of the Marion Genset for a $50,000 credit to be applied to the purchase price of the New Genset, with the same amount credited by TCS to the amount of the DIP Loan. To the extent the Marion Genset trade-in transaction is outside the ordinary course of the Debtors business, it is hereby ratified and approved pursuant to Section 363(c)(1) of the Bankruptcy Code. Based on the statements of Movants counsel that the Movants no longer require the balance of the relief requested in the Motion, The Motion is denied without prejudice in all respects, except as specifically provided above in paragraphs 1 and 2 of this Order. (Related Doc # 155) (mtm) (EOD: 05/28/2015)

Marion Energy Inc. filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on October 31, 2014. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Utah. The case number for the lead bankruptcy case is 14-31632. The bankruptcy case is currently assigned to United States Bankruptcy Judge Joel Marker. The law firm of Parsons Behle & Latimer is acting as lead bankruptcy counsel to Marion Energy Inc. in the bankruptcy case.


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