Monitor Oil Bankruptcy Shifts To Ch. 7

Law360, New York (December 11, 2008, 12:00 AM EST) -- A bankruptcy judge on Tuesday ordered the cases of Monitor Oil PLC and related entities converted to a liquidation proceeding under Chapter 7 at the request of bondholders and a U.S. trustee.

Judge Martin Glenn's order in the U.S. Bankruptcy Court for the Southern District of New York noted that the debtors’ counsel withdrew their objection to the conversion in a letter dated Dec. 8.

According to a memorandum of law filed by an attorney with the U.S. Trustee's Office in support of the conversion, the...
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