Bloomberg Law
Jan. 24, 2020, 5:54 PM

Alta Mesa $320 Million Sale to Mach, Bayou Venture Approved

Daniel Gill
Daniel Gill

Alta Mesa Resources Inc. received bankruptcy court approval to sell its oil and gas business for $320 million, overcoming creditors’ objections that the company should opt for a higher offer.

The proposed Chapter 11 deal to sell the assets to a joint venture of energy producer Mach Resources and private equity firm Bayou City Energy faced a competing bid from a bondholder group that offered $7.9 million more. But the risk of closing the bondholders’ bid was much higher, Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas ruled Thursday.

The deal includes Alta Mesa’s ...