As Longhorn Partners Pipeline, L.P. (LPP) wraps up its bankruptcy hearings, Magellan Midstream Partners, L.P. has been cleared to acquire all of LPP's assets.

Magelan transports, stores, and distributes refined petroleum products. It will pay $250 million plus the fair market value of the line fill to acquire the assets of LPP, which transports refined motor fuel products.

The transaction is expected to close today. Representatives from Magellan said the company plans to finance the acquisition with debt.

If you are considering bankruptcy, please contact the Austin commercial bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.