HAWK26 Jun 2018 13:45
Nighthawk Energy To Wind Up Following US Bankruptcy Case
Tue, 26th Jun 2018 13:14
LONDON (Alliance News) - US-focused oil company Nighthawk Energy PLC said on Tuesday that following the sale of its oil and gas assets, the company will be wound up and its remaining assets liquidated under the US Bankruptcy code.
During the Chapter 11 case, Nighthawk confirmed that no additional bids were received to compete against the stalking horse bid proposal made by Polaris Production Partners LLC, and cancelled the auction scheduled on Tuesday.
As a result the US Bankruptcy Court will conduct a hearing to approve the sale of assets to Polaris Production on Thursday, with closing to be expected on or around Sunday.
Proceeds from the sale will go towards reducing the CBA loan and paying off expenses incurred during the Chapter 11 cases.
In May, Nighthawk Energy said its US subsidiary Nighthawk Production LLC had filed a voluntary petition for reorganisation under chapter 11 of the US Bankruptcy Code.
Nighthawk Production's subsidiary OilQuest LLC also filed for chapter 11.
With these petitions, the two units joined Nighthawk Energy and and its direct subsidiary, Nighthawk Royalties LLC, both of which filed similar petitions in April.
Shares in Nighthawk Energy remains suspended.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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