The US Bankruptcy Court gave an order approving bidding procedures relating to the sale of certain assets of Teletouch Communications Inc. on May 20, 2014. The Court approved DCP Teletouch Lender, LLC, the stalking horse bidder, as the credit bidder for $0.2 million. The debtor's assets include leasehold interests of Progressive Concepts, Inc. in Paid Up Oil and Gas Lease.

The sale is subject to higher and better offers. To qualify as a qualified bidder, interested parties should submit their bids by June 24, 2014. The initial minimum overbid should be in the amount of at least $0.21 million.

A bid shall be accompanied by good faith deposit in the amount of 10% of cash purchase price. The bidding shall start with the highest qualified bid and the subsequent bids would be in increments of at least $5,000. If the debtor receives any qualified bids then it would hold an auction for its assets on June 27, 2014.

The sale hearing is scheduled for July 9, 2014.