Chevron Faults Pisces Plan Over Oil Well Contracts

Law360, New York (December 14, 2009, 2:18 PM EST) -- Chevron USA Inc. is the latest creditor to balk at Pisces Energy LLC’s proposed $157 million debt restructuring, contending the reorganization plan drafted by the bankrupt oil and gas company and its chief lender Macquarie Bank Ltd. tramples Chevron’s rights under contracts with the debtor.

On Friday, Chevron urged Judge Karen K. Brown of the U.S. Bankruptcy Court for the Southern District of Texas to ensure that the plan of reorganization adequately protects counterparties’ rights when Pisces assumes the executory contracts relating to various oil and...
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