The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of equity interests in subsidiaries of New Source Energy Partners LP on May 31, 2016. The Court approved the asset purchase agreement between the debtor and MCE Acquisition, LLC, the stalking horse bidder, for the sale of equity interests in subsidiaries for a purchase price of $0.60 million plus assumption of certain liabilities. The equity interests being sold include 100% of Class A Units of MidCentral Energy Partners, LP, 100% of company membership interests of MidCentral Energy Partners GP, LLC and assumption and assignment of the New Source Energy Partners Retirement Savings Plan. To qualify as a qualified bidder, interested parties should submit their bids by June 15, 2016 along with 10% of proposed purchase price as a good faith deposit. The initial minimum overbid should be at least in the amount of stalking horse amount plus assumed liabilities plus maximum expense reimbursement amount. If the debtor receives any qualified bids then it would hold an auction for its assets on June 17, 2016. The stalking horse bidder would be entitled to expense reimbursement of $0.03 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 27, 2016. Covington & Burling, LLP acted as legal advisor to the buyer.