Oilsands Quest Seeks Ch. 15 Protection In NY

Law360, New York (February 7, 2012, 2:56 PM EST) -- Oilsands Quest Inc., which explores and develops oil sands permits and licenses, filed for Chapter 15 protection in New York on Monday, seeking recognition of insolvency proceedings surrounding the company in Canada as it looks for a buyer.

Based in Calgary, Canada, Oilsands asked the bankruptcy court to enforce orders in those across-the-border proceedings that have stayed litigation against the company and its affiliates. Having incorporated in Colorado in 1998, Oilsands is a U.S. company, but all of its subsidiaries and operations are in Canada, a...
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