Delta Petroleum Seeks Court Approval to Amend Bid Procedures
Delta Petroleum Corporation has sought court approval to amend the bidding procedures for its upcoming auction. The expanded procedures would allow bidders to propose buying stock as part of a plan of reorganization, as well as the asset bids currently contemplated. Delta is looking for an extension to April 18 of the deadline for bidders to submit their proposals.
“We are very pleased to have identified significant additional sources of value for our stakeholders, and we believe the additional time to allow proposals to develop is well justified,” CEO Carl E. Lakey said. “Delta’s sale process has received significant interest from a variety of companies and investors, and this extension is intended to facilitate the ability of those bidders to consider structuring alternatives that may preserve certain tax attributes.”
Delta’s request is scheduled to be considered by Delaware Bankruptcy Court Judge Kevin J. Carey on Thursday, March 22.
Delta Petroleum Corporation is an oil and gas exploration and development company based in Denver, CO.
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