Oil Firms Seek Priority Over SemCrude Senior Lenders

Law360, New York (May 15, 2009, 12:00 AM EDT) -- A group of oil producers that sold oil to bankrupt oil trader SemCrude LP have asked a bankruptcy court to rule that they should be paid for the oil before other creditors, including secured lenders.

The U.S. Bankruptcy Court for the District of Delaware heard arguments on Thursday on motions for summary judgment in a series of adversary complaints filed by oil producers, including Samson Resources Co., Mull Drilling Co., Arrow Oil & Gas Inc. and others alleging that state laws give their prepetition claims for...
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