David W. Carickhoff, the chapter 7 Trustee of New Source Energy Partners LP filed a motion in the US Bankruptcy Court for the sale of debtor’s equity interests in subsidiaries on May 10, 2016. The Trustee seeks the Court’s approval for the sale of equity interests in subsidiaries to MCE Acquisition, LLC, stalking horse bidder, for a purchase price of $0.60 million plus assumption of certain liabilities pursuant to the purchase agreement dated May 10, 2016. 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. Stalking horse bidder shall deposit $0.06 million with the Trustee as a part of the agreement. To qualify as a qualified bidder, interested parties should submit their bids by June 8, 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 shortly after the bid deadline in June 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 15, 2016. Covington & Burling, LLP acted as legal advisor to the buyer.