29th Jun 2018 12:24
LONDON (Alliance News) - Nighthawk Energy PLC on Friday said a court in the US has approved the sale of all of its assets, following which the company will be wound up.
On Thursday, the US bankruptcy court gave its consent for the asset sale to Polaris Production Partners LLC, an affiliate of Morse Energy Capital Partners for USD18.0 million in cash.
Nighthawk's main assets are the Smoky Hill and Jolly Ranch projects in Colorado's Denver-Julesberg basin.
The proceeds will be used to pay off its loan to Commonwealth Bank of Australia, with the sale bringing no value to shareholders, with creditors and administration expenses are above them in the pecking order.
Nighthawk also said Friday Stockdale Securities Ltd has resigned as the company's nominated advisor and broker, effective immediately. It does not plan on hiring a new one, meaning shares will be cancelled within a month.
The company originally filed for bankruptcy at the start of May, with shares suspended as a result, after getting a default notice from Commonwealth Bank of Australia.