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Energy Capital Buying All Chieftain Sand's Assets for $5 Million

Thursday, 12 January 2017 07:15
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Chieftain Sand and Proppant, LLC, and Chieftain Sand and Proppant Barron, LLC, ask the U.S. Bankruptcy Court for the District of Delaware to authorize the bidding procedures in connection with the sale of substantially all assets to Energy Capital Partners Mezzanine Opportunities Fund A., L.P. for (i) $5,000,000, plus (ii) an amount in cash sufficient to pay and used to pay in full all Obligations owing under and as defined in, the DIP Credit Agreement, plus (iii) an amount in cash equal to the Undisputed Cure Costs, plus (iv) an amount in cash necessary to fund the wind-down of the Sellers' estates in accordance with the Approved Wind-Down Budget, which will not exceed $885,620, subject to higher or better competing bids.

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