Texas oil company WBH Energy LP has won approval to sell its assets to a Minneapolis hedge fund, subject to higher bids at auction, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge H. Christopher Mott on Monday signed off the company's bid to auction off its assets, setting a minimum cash bid of $17.5 million. Minneapolis hedge fund Castlelake, which invests in troubled companies and distressed debt, has agreed to serve as the stalking-horse bidder for WBH's assets at a bankruptcy auction with a $25 million offer.
