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Dune Energy gets OK to provide protections to potential lead bidders
By Caroline Salls
Pittsburgh, April 7 – Dune Energy, Inc. received court approval to pay a break-up fee to any potential stalking horse bidder selected in connection with the sale of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the Western District of Texas.
Since filing its sale and bid procedures motion, Dune said it has received indications of interest from parties that may be willing to serve as a stalking horse bidder.
According to the motion, each of the potential bidders said they would require a break-up fee, which would be paid if the stalking horse bidder was not the winning bidder for the assets.
The amount of the break-up fee would be negotiated between Dune and the stalking horse bidder but would not exceed 2% of the purchase price.
Dune is a Houston-based energy company that filed for bankruptcy on March 9. The Chapter 11 case number is 15-10336.
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