Schlumberger Appeals $32M DIP Approval For TXCO

Law360, New York (August 26, 2009, 6:11 PM EDT) -- Oil field services company Schlumberger Technology Corp., a creditor of TXCO Resources Inc., has appealed a bankruptcy court's approval of the oil and gas giant's request to use cash collateral and up to $32 million in post-petition debtor-in-possession financing.

Schlumberger filed its appeal Tuesday in the U.S. District Court for the Western District of Texas, saying the bankruptcy court's ruling didn't provide adequate protection of the interests of certain lien holders.

The bankruptcy court approved the plan in June, despite objections from Schlumberger and other trade...
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