Monitor Says Ex-Chairman's Suit Led To Ch. 11

Law360, New York (November 27, 2007, 12:00 AM EST) -- Bankrupt oil and gas production support services company Monitor Oil Plc has revealed that delays on two major projects and a lawsuit filed against Monitor by its former executive chairman drove the company into Chapter 11 last week.

Monitor filed several first day motions Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, requesting joint administration of its three bankruptcy cases and seeking court approval to use cash collateral and access existing bank accounts, among other things.

At the heart of the...
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