The judge overseeing Aubrey McClendon's estate approved a land deal on Friday that will pay off one of the late energy magnate's major creditors, paving the way for the sale of his stake in professional basketball team the Oklahoma City Thunder, Reuters reported. In probate court in Oklahoma City, Judge Richard Kirby approved Jones Energy Inc.'s plan to purchase 18,000 acres of oil and gas leasehold interests for $136.5 million from the estate. The proceeds from the sale will repay private equity firm Oaktree Capital Group LLC, to whom McClendon owes $85 million, court records show. Once the sale closes, Oaktree will release its claim on the cash distributions McClendon was entitled to receive from his approximately 20 percent stake in the Thunder. Lenders to McClendon have claimed in court that the oilman, who co-founded Chesapeake Energy Corp, left behind more debt than his assets could repay as oil prices cratered, an assertion that McClendon's attorneys have disputed.
