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Rodeo Creek Gold bid procedures approved; auction to be held April 3
By Caroline Salls
Pittsburgh, March 4 - Rodeo Creek Gold Inc. obtained court approval of the bid procedures for the proposed sale of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.
The company said last week that none of the potential stalking horse bids it received were sufficient. As a result, Rodeo Creek said it would hold an open auction for the assets.
Under the bid procedures, bids are due by 3 p.m. ET on April 1. The auction will be held on April 3, and the sale hearing is scheduled for April 11.
Bids must include a deposit equal to 10% of the proposed purchase price.
The auction will begin with the highest qualified bids and continue in minimum increments of $250,000.
The bid procedures require the sale to close by May 31.
Rodeo Creek Gold, a Reno, Nev.-based mining company, filed for bankruptcy on Feb. 25. The Chapter 11 case number is 13-50301.
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