Current updates are not available. Earlier updates remain below for historical context and may no longer reflect the case’s current position.
Earlier updates
These updates were replaced by later case developments and may no longer reflect the current case.
Sale·
The court approved bidding procedures for Edge Petroleum’s sale process, turning the case quickly toward a November 2009 asset-sale track. Under the bidding procedures orderDkt. 57, qualified bids for substantially all assets were due November 12 at 5:00 p.m. Central, with an auction set for November 16 at 10:00 a.m. at Vinson & Elkins and a sale hearing scheduled for November 19 at 9:00 a.m. Central.
The order identifies PXP Louisiana L.L.C. as stalking horse bidder and approves bid protections of a $1.5 million break-up fee plus up to $500,000 of expense reimbursement. Sale objections were due November 16 at 4:00 p.m. Central. For professionals tracking value and control in the case, the order establishes the competitive sale window, locks in PXP’s baseline economics, and creates the near-term dates that will determine whether a higher or better bid emerges.
