Pacific Energy Sues Forest Oil For $250M Over Sale

Law360, New York (March 08, 2011, 12:39 PM ET) -- In the midst of liquidation, Pacific Energy Resources Ltd. filed a $250 million suit Monday in Delaware bankruptcy court claiming Forest Oil Corp. misled it about the value of energy interests in Alaska.

The debtor bought the Cook Inlet assets at issue in 2007 for more than $453 million, according to the adversary suit in the U.S. Bankruptcy Court for the District of Delaware, which also seeks punitive damages. 

Long Beach, Calif.-based Pacific Energy, which paid $400 million in cash and took on debt to buy...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required