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Murphy Energy secured creditor’s credit bid allowed under agreed order
By Caroline Salls
Pittsburgh, Dec. 9 – Murphy Energy Corp. secured creditor BancorpSouth Equipment Finance’s credit bid for company assets was allowed under an agreed order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.
As previously reported, Murphy asked the court to limit the credit bid of BancorpSouth Equipment Finance to $842,265.
The company said it received a credit bid from BancorpSouth Equipment Finance on Nov. 14 for the $2.1 million full amount of BancorpSouth’s asserted secured claim, which was allocated among the 35 trailers comprising BancorpSouth’s collateral.
However, based on its review of the documents supporting BancorpSouth’s credit bid, the company said it had concerns about the perfection of BancorpSouth’s liens on 18 of the 35 trailers included in the credit bid.
Specifically, Murphy said its investigation revealed that BancorpSouth recorded liens on 18 trailers several days and, in some instances, several weeks and months before the execution of the underlying equipment schedule or security agreement.
As a result, the company said it needs additional time to investigate these liens further and determine whether they may be subject to avoidance.
According to Friday’s order, the Nov. 14 credit bid will be deemed a qualified offer in accordance with a stipulation between Murphy Energy and BancorpSouth.
Murphy Energy is a Tulsa, Okla.-based privately owned integrated midstream provider of transportation, storage and marketing services for crude oil, natural gas liquids and condensates. The company filed bankruptcy on Oct. 5 under Chapter 11 case number 16-33971.
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