Bankrupt Rockall Energy Wins Court OK on Quick $85 Million Sale

Rockall Energy Holdings won court approval to sell itself to private equity firm Formentera Partners, sparing its lenders from taking equity in the bankrupt oil and gas driller.

• U.S. Bankruptcy Judge Mark X. Mullin said in a hearing Tuesday that he would sign off on the $85 million cash sale to the firm co-founded by former Parsley Energy LLC Chief Executive Officer Bryan Sheffield
  • Read More: Ex-Parsley Energy CEO’s Fund Bids $85 Million for Rockall Assets
• The approval comes less than 90 days after Rockall filed for Chapter 11 bankruptcy
• Mullins also said he would approve Rockall’s Chapter 11 ...