Alta Mesa’s Buyer Balks, Saying Oil Rout Undermines Financing

The buyer of bankrupt driller Alta Mesa Resources Inc.’s assets will search for alternative sources of financing after the sudden drop in commodities prices hindered its ability to complete the $320 million sale, court papers show. Alta Mesa asked to court to force the buyer to go through with the deal.

• BCE-Mach III, which previously agreed to buy assets of Alta Mesa Holdings LP and Kingfisher Midstream LLC, “no longer believes in good faith that it will be able to obtain all of the financing contemplated” in the wake of “the historic drop in commodity prices over the past ...