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Alta Mesa Agrees to $100 Million Less With $220 Million Sale

April 2, 2020, 3:57 PM

Bankrupt shale driller Alta Mesa Resources, Inc. has a tentative deal to sell itself for $220 million, down from $320 million before the buyer demanded a discount because of the coronavirus pandemic, a lawyer for the company said during a court hearing Thursday morning.

Detailed legal documents must still be drawn up and signed, Alta Mesa attorney Caroline A. Reckler told U.S. Bankruptcy Judge Marvin Isgur during the hearing, which was held by phone. The company and the buyer, Oklahoma pipeline operator BCE-Mach III LLC, have until midnight to file a new, signed contract, Isgur said.

The previous BCE ...