Linc USA granted approval to sell Gulf Coast, Wyoming, Alaska assets

By Caroline Salls

Pittsburgh, Sept. 1 – Linc USA GP received court approval of the sales of its Gulf Coast, Wyoming and Alaska assets, according to orders filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, 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.

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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