Remedial Clears Hurdle For $120M Sale To Creditors

Law360, New York (May 26, 2010, 2:59 PM EDT) -- Bankrupt oil and gas exploration equipment provider Remedial (Cyprus) Public Co. Ltd. has won a judge's approval to sell virtually all its assets to current bondholders for $120 million following the company's failed attempt to solicit other competing bids.

Judge Robert E. Gerber signed off on the deal after a relatively swift hearing Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, finding that relevant stakeholders, including creditor Swedbank AB, are generally in favor of the sale.

Jack Sherwood of Lowenstein Sandler...
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