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Cox Oil Offshore set bid procedures for assets, seeks Aug. 7 auction
By Sarah Lizee
Olympia, Wash., May 23 – Cox Oil Offshore, LLC is seeking approval of bid procedures for its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.
The company launched a marketing process for its assets, including equity interests in non-debtor subsidiaries, and all or substantially all of the debtors’ assets.
In addition to one or more asset sales, the debtors are likewise soliciting any other type of strategic transaction involving the debtors or the assets, including a financing process for the potential raising of debt, equity or hybrid financing, or consummation of a sale or restructuring transaction through a Chapter 11 plan of reorganization.
The company is proposing a bid deadline of July 26, an auction on Aug. 7, and a sale hearing on Aug. 17.
Cox Oil hopes to close any sale by Sept. 1.
Regarding an alternative transaction, the company is hoping to file a plan of reorganization and disclosure statement by Aug. 11, receive approval of the disclosure statement by Aug. 25, receive confirmation of the plan by Sept. 29, and emerge from bankruptcy by Oct. 16.
Currently, the debtors haven’t identified a stalking horse bidder. However, they are seeking approval to do so.
Any breakup fee for the stalking horse bidder would be capped at 3%.
The Dallas-based drilling company filed bankruptcy on May 14 under Chapter 11 case number 23-90328. Four creditors filed an involuntary Chapter 7 petition against the company in the U.S. Bankruptcy Court for the Eastern District of Louisiana on May 12 under case number 23-10734.
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