Maxus Energy unit OK’d to sell brownfields properties for $21 million

By Caroline Salls

Pittsburgh, July 10 – Maxus Energy Corp. debtor Tierra Solutions, Inc. received court approval of the $21 million sale of five brownfields properties to Mariana Properties, Inc., according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The properties being sold are the subjects of environmental remediation efforts and are located in New Jersey, Ohio and Alabama.

If the properties were not being sold, they would be transferred to a trust in accordance with Maxus’ confirmed Chapter 11 plan, the motion said.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed for bankruptcy on June 17, 2016 under Chapter 11 case number 16-11501.

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