Parallel Energy LP Bankruptcy New Filing Alert: Motion For Authority To Sell Assets Of The Estates Pursuant To Section 363 Of The Bankruptcy Code

On November 9, 2015, a motion for authority to sell assets of the estates pursuant to section 363 of the Bankruptcy Code was filed in the bankruptcy case of Parallel Energy LP and its affiliates.

The filing was assigned docket number 12 and is described on the court’s official docket as follows:

Motion to Approve // Motion Pursuant To 11 U.S.C. §§ 105, 363, 365, 503 And 507 And Bankruptcy Rules 2002, 6004 And 6006 For (I) Entry Of An Order (A) Establishing Bid And Auction Procedures Related To The Sale Of Substantially All Of The Debtors Assets; (B) Approving Related Bid Protections; (C) Scheduling An Auction And Sale Hearing; (D) Establishing Certain Notice Procedures For Determining Cure Amounts For Executory Contracts And Unexpired Leases To Be Assumed And Assigned; And (E) Granting Related Relief; And (II) Entry Of An Order (A) Approving The Sale Of Substantially All Of The Debtors Assets Free And Clear Of All Liens, Claims, Encumbrances And Interests; And (B) Authorizing The Assumption And Assignment Of Certain Executory Contracts And Unexpired Leases Filed by Parallel Energy LP. (Attachments: # 1 Exhibit A # 2 Exhibit B (Sale Order) # 3 Exhibit C (PSA)) (Finizio, GianClaudio) (Entered: 11/09/2015)

Parallel Energy LP filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on November 9, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Delaware. The case number for the lead bankruptcy case is 15-12263. The bankruptcy case is currently assigned to United States Bankruptcy Judge Kevin Gross. The law firm of Thompson & Knight LLP is acting as lead bankruptcy counsel to Parallel Energy LP in the bankruptcy case.


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