Linc USA asset sale procedures approved; auction to be held Aug. 23

By Caroline Salls

Pittsburgh, July 13 – Linc USA GP received court approval of the bid procedures for the proposed $60.5 million sale of its assets to an entity created by its first-lien noteholders, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The assets being sold include Linc’s Wyoming, Gulf Coast and Alaska assets.

Under the stalking horse agreement, the noteholder entity will purchase the assets via a credit bid of a portion of Linc’s first-lien obligations.

Of the total $60.5 million stalking horse bid, $34 million is for the Gulf Coast assets, $25 million is for the Alaska assets and $1.5 million is for the Wyoming assets.

Competing bids are due by 5 p.m. ET on Aug. 17.

An auction will be held on Aug. 23, and the sale hearing is scheduled for Aug. 31. The minimum bidding increment at auction will be $250,000.

Linc Energy is a Brisbane, Australia-based energy producer with a commodity portfolio including oil, gas, shale and coal. Its U.S. subsidiaries filed bankruptcy on May 19 under Chapter 11 case number 16-32689.

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