Fri. 3:54pm: D&L Energy to sell all assets

YOUNGSTOWN – Attorneys representing the Youngstown company linked to a January brine-dumping case are asking a federal bankruptcy court judge to schedule an auction next month to sell virtually all of the company’s remaining assets.

D&L Energy attorneys today filed a motion in federal bankruptcy court outlining how the company has attempted to sell its assets in order to raise capital needed to pay cleanup costs and fees associated with the January brine-dumping case. The attorneys have asked the judge to approve a Nov. 13 auction at the Cleveland law offices of Squires Sanders LLP.

Since filing April 16 for Chapter 11 federal bankruptcy protection, D&L Energy has retained the services of investment banking firm SS&G Parkland Consulting to market and sell all the company’s assets. In a court document filed today, the company’s attorneys said the company has approached 2,261 potential buyers, and last month ran repeated advertisements in various Dow Jones publications seeking buyers.

To date, the company has received signed documents expressing interest from 44 potential buyers.

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