The Houston-based company on Monday received approval from the U.S. Bankruptcy Court in Wilmington, Del., to sell the majority of its assets to Texegy LLC for $48.75 million. The deal covers 75% of Swift’s working assets, and the company said it would concentrate on its core operations in the Eagle Ford Shale formation in South Texas, according to prior court papers. Swift entered bankruptcy late last year with the bid from Texegy already lined up but didn’t immediately disclose the amount of the bid. Under the deal, Swift retains a 25% nonoperating interest in the assets, and as a result, the company says the purchase price actually values the assets at $65 million. Swift sold the assets without the auction typically required in chapter 11 cases because the company had been looking for a buyer since August 2013. The company said that while it attracted a number of suitors, […]

Posted in: USA