Company's primary assets including Tamarack project on auction block
CALGARY—In accordance with a court order, KPMG, which was appointed as the receiver of Ivanhoe Energy, has put the company up for the sale. KPMG has requested parties interested in the company’s assets or shares submit written proposals.
Ivanhoe announced it was bankrupt last month after talks with its creditors failed. It had spent much of late 2014 and early 2015 coping with slumping oil prices.
The company’s three principal assets on sale are:
In addition to the three principal assets, KPMG noted that Ivanhoe also holds oil and gas exploration and production rights in Mongolia.
The receiver said the assets are being sold on an “as is-where is” basis and that KPMG provides no representations or warranties, express or implied, with respect to title, condition or fitness for use.
Interested parties must be qualified by KPMG in order to participate in the process and are required to submit non-binding indications of interest by Aug. 28, 2015.