Palm, Pisces Energy Driven To Ch. 11 By Hurricanes

Law360, New York (September 3, 2009, 4:30 PM EDT) -- Louisiana-based oil and gas company Palm Energy Partners LLC and subsidiary Pisces Energy have filed for Chapter 11 protection, saying they've been drastically affected by hurricanes in the Gulf of Mexico in 2008 and the sharp decrease in oil and gas prices over the past year.

Metarie, La.-based Palm Energy filed a petition Sept. 1 in the U.S. Bankruptcy Court for the Southern District of Texas, largely as a result of its indebtedness to Macquarie Bank Ltd.

The company, which derives its revenue from the production...
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