Norse Energy Gets Lackluster Bids For Drilling Rights
By Kathryn Brenzel
Law360, New York (August 26, 2013, 2:10 PM ET) -- Bids for drilling rights in central New York fell short of Norse Energy Corp. ASA's expectations, the Norwegian oil and gas producer said on Monday, leaving its bankrupt U.S. subsidiary to mull how best to pay back a $3.8 million loan.
Norse Energy Corp. USA wanted to sell off enough of its 1,400 land-based assets to pay off a $3.8 million post-petition loan from Norwegian firm Start Up 271 AS and other claims in its bankruptcy proceeding, according to court documents. But the company said Monday...