- US-focused oil company Nighthawk Energy officially filed for Chapter 11 bankruptcy and said it had discussed a potential sale of its assets to Polaris Production Partners.

The so-called 'stalking horse' bid would involve Polaris paying $18m for the assets and assumed an effective date of 1 July.

'The company remains open to discussions with its major stakeholders regarding a possible alternative proposal for a restructuring and a recapitalization of the company, but this must now be handled in conjunction with the Bankruptcy Court,' it said.

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