Bloomberg Law
April 7, 2020, 8:32 PM

Approach Resources Seeks to Force Closure of Bankruptcy Sale

Daniel Gill
Daniel Gill

Bankrupt oil and gas company Approach Resources Inc. is asking a Houston bankruptcy judge to order Alpine Energy Acquisitions LLC to close its purchase of Approach’s assets under a previously approved sale.

Reacting to the current economic slowdown and precipitous drop in oil and gas prices, Alpine announced without warning March 26 that it was terminating the sale agreement, Approach told the U.S. Bankruptcy Court for the Southern District of Texas Monday.

“The Buyer was using the cover of additional ‘due diligence’ to manufacture wholly spurious allegations in an attempt to renege on a deal that the Buyer no longer ...