GMX Senior Lenders Offer $338M In Stalking Horse Bid

Law360, New York (May 17, 2013, 2:08 PM EDT) -- Bankrupt oil and gas producer GMX Resources Inc. on Thursday unveiled a new $338 million stalking horse bid for substantially all of its assets to a group of senior lenders, telling an Oklahoma bankruptcy court that it has not been able to raise enough capital elsewhere to continue operating.

GMX has negotiated an asset purchase agreement to an entity controlled by the trustee for its first lien lenders in exchange for a credit bid of a "substantial portion" of its outstanding obligations to those lenders, according...
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