Sanchez Capital is winning bidder in TriDimension auction
Client(s) Sanchez Capital Advisors, LP
Jones Day represented an affiliate of Sanchez Capital Advisors, LP in the acquisition of substantially all of the assets of TriDimension Energy, LP and its debtor affiliates out of chapter 11. The chapter 11 cases were pending in the Northern District of Texas, Dallas division, with Judge Stacey Jernigan presiding. Jones Day successfully negotiated an asset purchase agreement that was approved as the stalking horse bid after a contested hearing in which another bidder attempted to become the stalking horse. In addition, Sanchez was named the winning bidder after a robust auction.
The sale was approved by the bankruptcy court and the deal closed on December 8, 2010 after the Fifth Circuit Court of Appeals rebuffed a party-in-interest that was attempting to delay the closing of the sale because its preferential right was rejected by the bankruptcy court.
The sales price was approximately $35,000,00 in cash, plus the assumption of certain liabilities.