Bankrupt energy producer Quicksilver Resources Inc. has sold its U.S. assets to private equity firm BlueStone Natural Resources II, after the buyer struck a new contract for transporting Quicksilver's gas, Reuters reported yesterday. Midstream companies that gather and process natural gas have been watching the case over fears of a precedent-setting court ruling that would allow bankrupt producers to shed unwanted contracts with pipeline operators. Wednesday's agreement removes that threat, and clears the way for Tulsa, Oklahoma-based Bluestone to acquire Quicksilver's assets for $245 million. BlueStone, an affiliate of Natural Gas Partners, had said it would only close the deal if Quicksilver obtained a court order ending its "very above-market" gathering contract with midstream operator Crestwood Equity Partners. Read more.
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