Emerald Oil Inc. snagged a $73 million bid from affiliates of institutional investor Crestline Management LP and private-equity firm Sole Source Capital LLC, setting the floor ahead of a July auction, the Wall Street Journal reported on Saturday. Court papers show the company is asking Bankruptcy Judge Kevin Gross to sign off on the stalking horse, or lead, bidder so it can move forward with its sale timeline. If that timeline is approved, other bids for Emerald would be due by July 6. If needed, an auction would be held July 11. A hearing to approve the sale would take place on July 14. Emerald said in court papers that the sale of all of its oil and gas assets, including leases and mineral contracts mainly in North Dakota, will reap the best recovery for the company’s creditors. Court papers show that since filing for bankruptcy, Emerald heard from nine interested bidders, and by the end of the process received four bids before selecting Sole Source and Crestline as the lead bidder. Read more. (Subscription required.)
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