Quicksilver Resources Inc. said Sept. 17 it has launched the marketing and sale process to sell substantially all or a portion of its U.S. and Canadian assets.
The Fort Worth, Texas-based company has assets in the Barnett Shale and the Delaware Basin in the U.S. and in Canada's Horn River Basin and Horseshoe Canyon.
The U.S. process was initiated with the filing of a motion with the U.S. Bankruptcy Court for the District of Delaware seeking approval of bidding procedures to commence a sales process for Quicksilver and its U.S. subsidiaries under section 363 of the Bankruptcy Code. The motion to approve bidding procedures is expected to be heard by the Court on Oct. 6.
The Canadian process will run parallel to, but separate from, the U.S. process, the company said.
Quicksilver said it intends to continue normal operations throughout the marketing and sale process.
Additionally, Quicksilver Resources Canada Inc. executed a third forbearance agreement in which its first lien secured lenders will continue to forbear from exercising their rights and remedies in connection with specified defaults under the Canadian Credit Agreement related to the chapter 11 filings of Quicksilver Resources and certain of its subsidiaries for a period up to and including Dec. 15, 2015.
Quicksilver and its U.S. subsidiaries filed voluntary petitions under chapter 11 of title 11 of the U.S. Code on March 17. Quicksilver's Canadian subsidiaries were not included in the chapter 11 filing and are not subject to the requirements of the Bankruptcy Code.
The company's legal advisers are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Houlihan Lokey Capital Inc. is its financial adviser.
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