After Losing Contract Bid, Monitor Oil Files For Ch. 11

Law360, New York (November 26, 2007, 12:00 AM EST) -- Oil and gas production support services company Monitor Oil Plc has filed for protection under Chapter 11, just three weeks after revealing that it lost a bid for a contract to remove drilling platforms from ConocoPhillips Co.’s Ekofisk complex off the coast of Norway.

Monitor filed a voluntary petition Wednesday in the U.S. Bankruptcy Court for the Southern District of New York along with two subsidiaries, Monitor US Finco Inc. and Monitor Single Lift 1 Ltd. The company listed assets and debts of over $100 million...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.