AREX - Approach Resources: Receives A Stalking Horse Bid For $192.5 Million
Approach Resources (AREX) is nearing the end of its bankruptcy case, having agreed to a stalking horse bid and with an auction proposed for later this month.
I previously noted that Approach's credit facility was likely to not see a full recovery. The weakening oil and gas pricing environment has essentially guaranteed this to be the case, with the stalking horse bid suggesting only a 55% to 60% recovery for its credit facility. This also leaves its unsecured bonds and common stock with no value.
Alpine's Bid
Approach entered into an asset purchase