Bankrupt Alta Mesa Gets $310MM Bid

Bankrupt Alta Mesa Gets $310MM Bid
JV BCE-Mach III LLC offered up a stalking horse bid for the embattled energy company and its midstream affiliate.

Alta Mesa Resources, Inc., the Houston-based energy company that filed bankruptcy in September 2019, has received a $310 million bid for its assets from joint venture BCE-Mach III LLC.

The joint venture, which is made up of independent oil and natural gas producer Mach Resources LLC and private equity firm Bayou City Energy Management LLC, offered a stalking horse bid for Alta Mesa’s assets as well as Kingfisher Midstream LLC, a non-bankrupt affiliate of Alta Mesa.

The $310 million bid covers just a portion of Alta Mesa’s more than $1 billion worth of debt.

According to an SEC filing posted on Alta Mesa’s website, the company will auction off its assets by Jan. 15. Kingfisher Midstream is expected to file Chapter 11 bankruptcy prior to the auction, which will give Kingfisher $85.25 million cash and the remaining proceeds to Alta Mesa.

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