Furie Alaska Cleared to Begin Bankruptcy Auction Process

Sept. 27, 2019, 5:10 PM

Furie Operating Alaska LLC will begin seeking offers for its bankrupt oil and gas drilling business after receiving a court order to secure the first, price-setting bid by Oct. 25.

An auction for the assets, if necessary, will be held Nov. 12, according to the Sept. 26 order by the U.S. Bankruptcy Court for the District of Delaware that approves Furie’s bidding procedures.

With the order, Furie overcomes creditors’ concern that the sale process was moving too quickly.

The bidding procedures are reasonable and “designed to maximize creditor recoveries” while keeping Furie in compliance with its $15 million bankruptcy financing...

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