Item 1.03 Bankruptcy or Receivership.
As previously disclosed, on November 18, 2019, Approach Resources Inc.
("Approach," the "Company" or "we") and all of its subsidiaries (the "Filing
Subsidiaries and, together with Approach, the "Debtors") filed voluntary
petitions (collectively, the "Bankruptcy Petitions") under chapter 11 ("Chapter
11"), of Title 11 of the U.S. Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the Southern District of Texas (the "Court"), thereby
commencing the Chapter 11 cases captioned In re Approach Resources Inc., et al.,
Case No. 19-36444 (Bankr. S.D. Tex.) (the "Chapter 11 Cases").
As previously disclosed, the Debtors are considering, among other things, sales
of all or substantially all of their assets pursuant to Section 363 of the
Bankruptcy Code. On December 11, 2019, the Company filed a motion with the Court
(the "Bidding Procedures Motion") seeking approval of certain bidding procedures
(the "Bidding Procedures") in connection with any potential sales of all or
substantially all of the Debtors' assets. On January 9, 2020, the Court entered
an order approving certain bidding procedures for any such potential sales of
the Debtors' assets (the "Bidding Procedures Order").
Information regarding the Chapter 11 Cases, including the Bidding Procedures
Motion and the Bidding Procedures Order, is available through the Company's
website under the Restructuring Information tab, which contains a link to the
claims agent's website, https://dm.epiq11.com/approachresources.
2
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses