Magnolia Infrastructure Holdings, LLC entered into an asset purchase agreement to acquire certain assets from a group of sellers for $31.5 million on September 11, 2019. The consideration is subject to adjustment of Periodic Non-Income Tax Cash Amount. Magnolia Infrastructure will also assume post-closing liabilities relating to the assets. Magnolia Infrastructure is the stalking horse bidder in the transaction. Sellers are entitled to retain the $3.2 million good faith deposit made by Magnolia Infrastructure if they terminate the agreement due to buyer’s breach or failure to close when required. The transaction is subject to Magnolia Infrastructure being selected as the winning bidder at the auction, approval of the Mississippi Public Service Commission, approval of the Alabama Public Service Commission and the Bankruptcy Court’s authorization. On October 22, 2019, The United States Bankruptcy Court approved the merger. As of November 6, 2019, the transaction is expected to close before year-end. Marshall Huebner, Darren Klein and Harold Birnbaum of Davis Polk & Wardwell LLP acted as legal advisors for Southcross Energy Partners, L.P. (OTCPK:SXEE.Q). Justin Stolte and Jonathan Whalen of Gibson, Dunn & Crutcher LLP acted as legal advisors to Magnolia Infrastructure. Alvarez & Marsal, LLC and Evercore Group L.L.C. acted as financial advisors to Southcross Energy Partners, L.P. Morris, Nichols, Arsht & Tunnell LLP acted as legal advisors for Southcross Energy Partners. Magnolia Infrastructure Holdings, LLC completed the acquisition of certain assets from a group of sellers on January 27, 2020. The United States bankruptcy court for the district of delaware has confirmed the Southcross’s plan of reorganization. The Southcross will use the proceeds of the sales to significantly reduce its debt.