GMX Resources Inc. said Wednesday it has sold “substantially all” of its assets in a bankruptcy auction worth $338 million.
The sale followed nearly five months after the Oklahoma City oil and natural gas company filed for bankruptcy protection. GMX at the time listed assets of $281 million and debts of $485 million.
The bankruptcy court is scheduled to consider approval of the sale during a Sept. 10 hearing.
GMX executives could not be reached for comment Wednesday.
GMX has said it had 65 employees in its offices in Oklahoma City, Denver, Texas and North Dakota before eliminating an unspecified number of positions earlier this summer. The court approved a maximum payment of about $1.82 million to cover severance costs of three to six months salary, plus accrued vacation time. The filing pointed out that directors and officers were not eligible for the plan.
Court filings also describe a retention program for key employees, including Tyler Rohleder, the son of the company's president.
The plan approved one month of base salary for each full month of work from April 1 to the closing of the sale.
The retention program was offered “only to a select group of employees who are important either for work during the term of the bankruptcy case or to operations that may continue after bankruptcy if, after the sale process, such employees are needed to continue to operate the assets,” the filing stated.
CONTRIBUTING: Jay F. Marks, Business Writer