Linc USA names winning bids for Gulf Coast, Wyoming, Alaska assets

By Caroline Salls

Pittsburgh, Aug. 25 – Linc USA GP named the winning bidders for its Gulf Coast, Wyoming and Alaska assets in notices filed Wednesday and Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Torrent Gulf Coast LLC submitted a $37.5 million high bid for the Gulf Coast assets; Big Muddy Opportunities, LLC submitted a $1.9 million winning bid for the Wyoming assets; and Arctic Acquisition, Inc. submitted a winning $25 million credit bid for the Alaska assets. Arctic’s credit bid was increased after the auction to $80 million.

The sale hearing is scheduled for Aug. 31.

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

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