Southcross Energy Partners, L.P. filed a stalking horse agreement in the US Bankruptcy Court for the sale of its Mississippi and Alabama assets on August 23, 2019. As per the agreement, the debtor seeks the Court’s approval for the sale of its certain assets to Magnolia Infrastructure Holdings, LLC, the stalking horse bidder, for a purchase price of $31.5 million in cash. The debtor’s assets include the all pipelines, pipeline systems, flowlines, and gathering and processing systems in Mississippi or Alabama. Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $3.15 million upon the execution of the agreement. The buyer would be entitled to an expense reimbursement of $0.5 million in case of termination of the asset purchase agreement. The buyer is represented by Justin Stolte and Jonathan Whalen of Gibson, Dunn & Crutcher 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.