Rodeo Creek Gold eyes 20-day auction delay to address committee issues

By Jim Witters

Wilmington, Del., March 26 - Rodeo Creek Gold Inc. hopes to postpone the auction and sale hearing for substantially all of its assets to address concerns raised by the official committee of unsecured creditors, according to a March 25 filing with the U.S. Bankruptcy Court for the District of Nevada.

As previously reported, the court approved bid procedures on March 4.

"The debtors simply propose modest changes to these documents to address certain issues raised by the committee and to extend the relevant sale-related deadlines by approximately three weeks to allow for value maximization," the motion states.

Under the proposed revision:

• The bid deadline would be extended to April 19 from April 1;

• The auction would be moved to April 23 from April 3; and

• The sale hearing would be moved to May 2 from April 11.

Rodeo Creek has requested a March 28 hearing on the amended procedures.

Unchanged in the proposal are provisions that the auction will begin with the highest qualified bids and continue in minimum increments of $250,000.

"The debtors and their professionals have extensively marketed the Nevada operations, have identified numerous parties which they believe will be bidders, have signed confidentiality agreements with such parties, and have facilitated a robust diligence process," the motion states.

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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