Maxus Secures Del. Ch. 11 OK For Sale Of Gulf Assets

By Jeff Montgomery (May 10, 2017, 8:59 PM EDT) -- Maxus Energy secured tentative approval for the $15.3 million sale of a large oil and gas well asset Wednesday, as a larger and potentially contested confirmation hearing approaches for the company's liquidating Chapter 11 plan.

Judge Christopher S. Sontchi said he would sign an updated version of the sale order once presented, with buyer 31 Group LLC confirmed as the winning bidder for Maxus' 15 percent interest in the deepwater "Neptune" Gulf of Mexico field. The tentative approval followed verification to other Neptune owners that 31 Group can reliably assume $28 million in wellfield shutdown costs.

"The buyer provided even greater...

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