Judge OKs Revised Pacific Energy Liquidation Plan

Law360, New York (December 17, 2010, 2:13 PM EST) -- A bankruptcy judge has confirmed Pacific Energy Resources Ltd.'s liquidation plan, including a $22 million administrative claim for Union Oil Co. of California and a revised settlement with Alaska on its $40 million claim against the company over oil and gas lease agreements.

Under the plan, which Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware approved Wednesday, Alaska's $40 million claim will be treated as a general unsecured claim against Pacific Energy Alaska Operating LLC, one of Pacific Energy's affiliated...
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