Canadian Oil Field Co. Enters Ch. 15 After Earnings Backtrack

Law360, New York (April 15, 2013, 7:32 PM EDT) -- Calgary-based oil field services firm Poseidon Concepts Corp. filed for Chapter 15 bankruptcy protection Friday in Colorado bankruptcy court, three days after petitioning for creditor protection in Canadian court and nearly two months after announcing it would have to restate its earnings for three quarters of 2012

The firm, which has offices in Denver and North Dakota, filed for the cross-border Chapter 15 protection, listing assets of between $100,000 and $500,000, but liabilities between $50 million and $100 million, and named PricewaterhouseCoopers as court-appointed monitor and...
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