Ten months after filing for Chapter 11, Saratoga Resources Inc. (OTC Pink Market: SARAQ) has filed a motion, under Section 363 of the Bankruptcy Code, to conduct a sale of all or substantially all of its assets.
The sale would exclude the company's federal leases and certain other assets that may be excluded by agreement between the company and its first lien lender. Saratoga also filed a separate motion to establish bid procedures relating to the proposed sale which the Bankruptcy Court for the Western District of Louisiana, Lafayette Division approved at a hearing held on April 7, 2016.
According to its website, the company’s principal holdings cover approximately 52,000 gross/net acres, mostly held by production, located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana and in the shallow Gulf of Mexico Shelf.
The 363 Motion is set for hearing on May 5, 2016 at 10:00 a.m. CST, subject to continuance, before the Bankruptcy Court.