In an Austin, Texas, courtroom Monday, WBH Energy LP will ask a bankruptcy judge to approve bidding procedures that could see the company’s assets sold for at least $25 million.
WBH Energy’s lender, investment firm Castlelake LP, has agreed to serve as the lead bidder at an upcoming bankruptcy auction. The lender intends to credit bid—or offer to forgive some of the debt it is owed—for the independent oil company’s assets.
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