Lilis Energy bid deadline, auction date for assets revised

By Sarah Lizee

Olympia, Wash., Oct. 1 – Lilis Energy, Inc. extended the bid deadline and the auction date for the sale of its assets, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The bid deadline was changed to 1 p.m. ET on Oct. 13 from 6 p.m. ET on Oct. 8.

The auction was moved to Oct. 16 from Oct. 13 previously.

As previously reported, the bid procedures allowed Lilis to select a stalking horse bidder at any time before Sept. 30. Those interested in serving as a stalking horse bidder had to submit their offers by 6 p.m. ET on Sept. 25.

The sale hearing is scheduled for Oct. 20.

The minimum overbid amount is $500,000.

If the company’s pre-bankruptcy RBL lenders or lender agent are the winning bidder, that bidder may elect to implement the sale through a Chapter 11 plan toggle mechanism. The plan associated with any such transaction must pay the non-affiliate RBL obligations in full in cash.

Lilis is a Fort Worth-based independent oil and gas exploration and production company that operates in the Permian’s Delaware Basin. The company filed bankruptcy on June 28 under Chapter 11 case number 20-33274.

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