A Houston judge has given Fort Worth-based Lilis Energy Inc. the go-ahead on its bankruptcy plan, the Houston Business Journal reported. Under the plan, Lilis intends to sell all its assets, distribute the remaining cash to its creditors and wind up operations, according to a press release. The company has already announced a deal selling its assets to Ameredev Texas LLC for $46.6 million. The company had previously said that deal would close some time in December, but it is now saying that it will reach the end of its bankruptcy — which means that deal will have already been done — on Dec. 1. Any assets remaining when Lilis exits bankruptcy would be contributed to a trust that would liquidate them and distribute the proceeds, the company said. Lilis and its subsidiaries will dissolve when the bankruptcy ends. Lilis, an oil and gas producer, originally filed for bankruptcy in the Southern District of Texas in June. At the time, it had an agreement in place with creditors that would restructure the balance sheet via an equity investment from one of them — Värde Partners Inc. — for $55 million, according to court documents. That plan shifted later in the summer when Värde decided not to move forward on the equity deal after all, leaving Lilis to fall back on a backup plan to sell all its assets. Read more.
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