Southcross Energy Partners, L.P. filed a stalking horse agreement in the US Bankruptcy Court for the sale of its certain assets on August 24, 2019. As per the agreement, the debtor seeks the Court’s approval for the sale of its certain assets to Kinder Morgan Tejas Pipeline LLC, the stalking horse bidder, for a purchase price of $76 million in cash. The debtor’s assets include the all pipelines, pipeline systems, flowlines, and gathering and processing systems in Texas. Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $7.5 million upon the execution of the agreement. The buyer would be entitled to a break-up fee of $2.28 million and expense reimbursement of $0.25 million in case of termination of the asset purchase agreement. The buyer is represented by W. Cleland Dade and William A. Wood III of Bracewell LLP as its legal advisors and the debtor is represented by Marshall Huebner, Darren Klein and Harold Birnbaum of Davis Polk & Wardwell LLP as its legal advisors.