Alta Mesa Resources, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 17, 2020. The debtor seeks the Court’s approval for the sale of substantially all its assets, BCE-Mach III LLC, is buyer of KFM Assets, for a total purchase price of $310 million of which $85.25 million is payable to the KFM Debtors pursuant to the KFM Stalking Horse PSA and $224.75 million is payable to the AMH Debtors pursuant to the AMH Stalking Horse PSA pursuant to the asset purchase agreement. The debtor assets includes substantially all of the AMH Assets and substantially all of the KFM Assets. The buyer will pay 10% of the unadjusted purchase price, which has been funded by the Stalking Horse Bidder to a third-party escrow account. To qualify as a qualified bidder, all parties other than the Administrative Agent should submit their bids by January 8, 2020, and for the administrative agent and prepetition Lenders should submit their bids by January 13, 2020, along with good-faith deposit in the amount of 10% of the purchase price. The initial minimum overbid should be at least $2.5 million more than the initial purchase price. The debtor has scheduled an auction on January 15, 2020. At the auction, the subsequent bids would be in increments of $2.5 million. The KFM Debtors has agreed to pay the stalking horse bidder a break-up fee and expense reimbursement equal to 3% of the unadjusted purchase price payable under the KFM agreement in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 21, 2020. The buyer is represented by Michael Reel of Mach Resources LLC as legal counsel.