Bankrupt All American Oil & Gas Inc. of San Antonio is working on a deal to sell its assets to its largest creditor.
The proposed transaction calls for creditor Kern Cal Oil 7 to bid the amount its owed by AAOG for the San Antonio companys assets. Such an offer is known as a credit bid. In October, KCO acquired $142 million in loans made to AAOG.
The bankruptcy had been shaping up to be a hotly contested affair until AAOG and KCO recently agreed to mediate their claims.
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