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Monitor Oil, Credit Suisse Push Back Against Holders

Law360 (January 4, 2008, 12:00 AM EST) -- Bankrupt Monitor Oil Plc and Credit Suisse, Cayman Islands branch are fighting back against a motion brought by a committee of Monitor bondholders seeking to force the company to use its $46.55 million in cash collateral to repay its second-lien lenders.

Monitor and Credit Suisse have both filed objections to the ad hoc committee of bondholders’ Dec. 21 motion in the U.S. Bankruptcy Court for the Southern District of New York, insisting that forcing the debtors to spend their cash collateral now would jeopardize any chance...
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