Quicksilver Resources Inc. has initiated a marketing and sale effort to sell all or some of its U.S. and Canadian assets.
The Fort Worth firm launched the U.S. process by filing a motion with the United States Bankruptcy Court for the District of Delaware.
The filing seeks approval of bidding procedures to commence a sales process for the firm and its U.S. subsidiaries under Section 363 of bankruptcy code. The motion to approve bidding procedures is expected to be heard by the court on Oct. 6, 2015.
The Canadian process will run parallel to, but separate from, the U.S. process, the company said in a news release.
Quicksilver and its subsidiaries will maintain normal operations throughout the marketing and sale process.
The latest developments follow Quicksilver’s March 17, 2015 bankruptcy filing under Chapter 11 of the U.S. code. The company’s Canadian subsidiaries were not included in the Chapter 11 filing and are not subject to the requirements of bankruptcy code.
More information about the Chapter 11 cases is available at www.gardencitygroup.com/cases/kwk
Serving as legal advisers for the firm are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Houlihan Lokey Capital Inc. is serving as financial adviser.
Quicksilver Resources is a publicly traded independent oil and gas company. It develops and acquires oil and gas, primarily from unconventional reservoirs including shales and coal beds in North America. More information is available at www.qrinc.com.