Dune Energy asset sale procedures approved; auction set for June 9

By Caroline Salls

Pittsburgh, April 8 – Dune Energy, Inc. received court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Texas.

Bids for the company’s assets are due by 1 p.m. ET on June 5.

If a stalking horse bid is received, that bid would serve as the baseline at an auction.

Under the bid procedures, the auction will be held on June 9 and the sale hearing on June 18.

As previously reported, Dune received court approval Tuesday to pay a break-up fee to any potential stalking horse bidder.

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.

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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