Former Nine Point’s Chapter 11 bankruptcy cases dismissed by court

By Sarah Lizee

Olympia, Wash., June 30 – NPE Winddown Holdings, Inc., formerly known as Nine Point Energy Holdings, Inc., had its Chapter 11 bankruptcy cases dismissed on Thursday in the U.S. Bankruptcy Court for the District of Delaware, according to an order.

As previously reported, the company had asked for the dismissal.

In August of last year, the company sold all of its assets to Meadowlark Resources LLC, an affiliate of prepetition lender AB Private Credit Investors LLC, in exchange for a credit bid of $250 million, payment of some liabilities, and the exclusion of a wind-down amount of $1.3 million from the sale, which remained with the debtors post-closing to fund the wind-down process.

The debtors believe all valid administrative expense claims, other than professional fee claims, have either been paid or assumed by the purchaser.

The estates don’t have funds available to make a distribution of general unsecured claims, however.

The company had said that even though it had explored alternatives to bring the Chapter 11 cases to a close, the debtors believed that a dismissal would be the most expeditious and cost-effective mechanism to wind down the cases.

The Denver-based exploration and production company filed bankruptcy on March 15, 2021 under Chapter 11 case number 21-10570.

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