Saratoga Resources Inc. filed a motion under Section 363 of the Bankruptcy Code to conduct a sale of all its assets except the federal leases and certain other assets that could be excluded by an agreement with the first-lien lender, the company said April 12.
Saratoga also filed a separate motion to establish bid procedures relating to the proposed sale, which the Bankruptcy Court for the Western District of Louisiana, Lafayette Division, approved at a hearing held on April 7.
The 363 motion is scheduled to be heard May 5 in the Bankruptcy Court.
Copies of the 363 motion and the associated bid procedures are on file and available for review at the office of the Clerk of Court, United States Bankruptcy Court, Western District of Louisiana – Lafayette Division.
Saratoga Resources Inc. is based in Houston.
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