Monitor Oil's Bondholders Object To DIP Financing

Law360 (November 29, 2007, 12:00 AM EST) -- An ad hoc committee representing Monitor Oil Plc’s bondholders has filed the first objection in the bankrupt company’s Chapter 11 case, asking the bankruptcy court to reject Monitor’s request for approval of post-petition financing.

In an objection filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, the ad hoc committee, representing bondholders holding approximately 97% of outstanding principal on $50 million of Monitor bonds, claimed that the European-based company’s motion for debtor-in-possession financing should be rejected because the case is most...
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