Pacific Energy Gets OK To Abandon Alaska Assets

Law360, New York (September 14, 2009, 5:59 PM EDT) -- Having failed to find a buyer for the unprofitable facilities, bankrupt Pacific Energy Resources Ltd. has won the right to abandon oil and gas production assets near Alaska's Cook Inlet — despite opposition from government regulators over potential environmental liabilities.

In an order handed down Friday in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin J. Carey approved the abandonment but granted key concessions to state regulators and two Alaska Native-run corporations that had objected to the proposal.

Although the ruling allows Pacific...
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