Ch. 11 Cure Amounts Vex Pisces Creditors

By Samuel Howard (December 11, 2009, 6:12 PM EST) -- Some 20 days after bankrupt oil and gas company Palm Energy Partners LLC and subsidiary Pisces Energy LLC updated a plan to restructure roughly $157 million owed to Macquarie Bank Ltd., creditors have started to protest the proposed cure amounts and the status of their claims.

Oil field contractors and joint operators of oil wells are among the creditors that lodged objections Thursday in the U.S. Bankruptcy Court for the Southern District of Texas, claiming mistreatment under the joint plan between Pisces and its major lender Macquarie.

Island Operating Co. Inc. led the charge, claiming Pisces currently owes the contractor more...

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