Red River Waste selects stalking horse, files new bid procedures

By Sarah Lizee

Olympia, Wash., March 18 – Red River Waste Solutions, LP has selected Platform Capital, LLC to serve as stalking horse bidder for its assets, according to a notice filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

The purchase price under the stalking horse agreement is $13.32 million.

Bid protections under the stalking horse agreement include a $390,000 breakup fee and a $250,000 expense reimbursement.

The minimum overbid increment has been set at $75,000.

The company filed revised bid procedures with the court that reflect a new sale timeline, including a bid deadline of 6 p.m. ET on May 5, a May 12 auction, if needed, and a May 25 sale hearing.

The Dripping Springs, Tex.-based waste management company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-42423.

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