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Furie’s sale hearing moves again; Alaska counsel hiring approved
Steve Sutherlin Petroleum News
Furie Operating Alaska LLC has again rescheduled an omnibus hearing on its Chapter 11 bankruptcy case, to Feb. 11 at 2 p.m. Eastern Time before U.S. Bankruptcy Judge Laurie Selber Silverstein at the U.S. District Court of the District of Delaware.
The hearing includes the sale hearing on the sale of Furie’s assets originally scheduled for Nov. 20, under a bidding procedures order signed Sept. 26 by Selber Silverstein. The hearing was moved to Jan. 13, then to Jan. 27, prior to being set for the February date.
As per a Notice of Amended Agenda of Matters Scheduled for hearing on January 27, 2020 at 11:00 am. (eastern time) filed by Furie Operating Alaska LLC, most of the matters to be considered are adjourned to the hearing scheduled for Feb. 11.
Hearing canceled: Motion to employ special Alaska counsel Under an order signed Jan. 24 by Selber Silverstein, the court will not hear an application/motion to employ/retain Stoel Rives LLP as special Alaska counsel to the debtors, filed by Furie.
The application was granted by Selber Silverstein, noting that “proper and adequate notice of the Application has been given and that no other or further notice is necessary; and it appearing that no party in interest has objected to the Application or the relief requested therein; and the Court having found and determined that the legal and factual bases set forth in the Application establish just cause for the relief granted herein.”
In a declaration of interim manager Scott M. Pinsonnault in support of the application, the debtors proposed to continue to retain Stoel Rives as Alaska counsel because of Stoel Rives’ knowledge about the debtor’s businesses and assets, the firm’s familiarity with the matters that are currently pending, and the Firm’s experience regarding the relevant areas of legal practice:
* Assistance with Local, State and Federal Regulatory and Permitting matters
* Assistance with Alaska Real Property and Oil & Gas Law, including providing Title Opinions and assistance with Gas Sales Agreements
* Assistance with State and Local Tax and royalty matters, including tax appeals
* Assistance with Alaska State and Federal Court Litigation, including the Shelf Litigation
* Local Counsel assistance with Financing matters
* Assistance with Alaska general corporate matters
* Advice regarding Employment Law matters
“The Debtors believe that Stoel Rives is uniquely qualified to represent them in connection with these matters during their Chapter 11 Cases, and Stoel Rives has indicated that it is willing and able to continue to do so, subject to approval by the Bankruptcy Court,” the declaration said.
HEX LLC of Anchorage high bidder on sale assets HEX LLC, 100% owned by member manager John L. Hendrix of Anchorage, was the successful bidder for the assets, primarily the Cook Inlet Kitchen Lights offshore unit, and related infrastructure such as the Julius R offshore platform, onshore processing facility and all related pipelines.
HEX bid $15,000,010, according to a Dec. 6 notice filed in the U.S. Bankruptcy Court for the District of Delaware, which noted that the transaction with the successful bidder will be a purchase of equity securities through a plan of reorganization.
Following the auction, the debtors selected Energy Capital Partners Mezzanine Opportunities Fund A LP, debtor-in-possession agent and prepetition term loan administrative agent, as the alternate bidder.
- STEVE SUTHERLIN
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