Trinity River cancels auction, will seek approval of $50 million sale

By Caroline Salls

Pittsburgh, Aug. 30 – Trinity River Resources, LP will ask the U.S. Bankruptcy Court for the Western District of Texas to approve the sale of its assets to stalking horse bidder East Chalk Holdings II, LLC, an affiliate of Zarvona Energy, according to a notice filed Wednesday.

As previously reported, East Chalk submitted a $50 million lead bid for the Trinity River assets. The company said no other bidders submitted a qualified offer by the second-round bid deadline.

As a result, Trinity River cancelled the auction scheduled for Aug. 31.

The sale hearing is scheduled for Sept. 13.

Trinity River is an Austin, Texas-based oil and gas company that filed bankruptcy on April 21, 2016. The Chapter 11 case number is 16-10472.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.