Emerald Oil, Inc. Bankruptcy New Filing Alert: Motion For Authority To Sell Assets Of The Estates Pursuant To Section 363 Of The Bankruptcy Code

On May 25, 2016, 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 Emerald Oil, Inc. and its affiliates.

The filing was assigned docket number 336 and is described on the court’s official docket as follows:

Motion For Sale of Property Free and Clear of Liens under Section 363(f)(FEE) /Debtors’ Motion for Entry of (I) An Order (A) Approving Bidding Procedures and Bid Protections in Connection with the Sale of Substantially All of the Debtors’ Assets, (B) Approving the Form and Manner of Notice Thereof, (C) Scheduling an Auction and Sale Hearing, (D) Approving Procedures for Assumption and Assignment of Contracts, and (E) Granted Related Relief and (II) An Order (A) Approving the Asset Purchase Agreement Between the Debtors and the Purchaser, And (B) Authorizing the Sale of Substantially all of the Debtors’ Assets Free and Clear of Liens, Claims, Encumbrances, and Interests, (C) Authorizing the Assumption and Assignment of Contracts, and (D) Granting Related Relief Fee Amount $176 Filed by Emerald Oil, Inc.. (Attachments: # (1) Exhibit A – Proposed Bidding Procedures Order # (2) Exhibit B – Proposed Sale Order # (3) Exhibit C – Stalking Horse Purchase Agreement) (Jones, Laura Davis)

Emerald Oil, Inc. filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on March 22, 2016. 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 16-10704. The bankruptcy case is currently assigned to United States Bankruptcy Judge Kevin Gross. The law firm of Kirkland & Ellis LLP is acting as lead bankruptcy counsel to Emerald Oil, Inc. in the bankruptcy case.


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