Bankruptcy Court Keeps Monitor Oil Case In U.S.

Law360, New York (February 5, 2008, 12:00 AM EST) -- After a heated dispute between Monitor Oil Plc and an ad hoc committee of the company’s bondholders over cross-border jurisdiction, a bankruptcy judge has allowed Monitor to continue its Chapter 11 proceedings in the United States.

Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York ruled Monday that the bondholders had failed to show that Monitor’s bankruptcy proceeding should be moved to the Cayman Islands or the United Kingdom.

“While there are ongoing proceedings involving at least one [Monitor Oil...
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