Norse Energy Siphoned Off $50M To Other Units, Creditors Say

Law360, Los Angeles (September 5, 2013, 7:59 PM EDT) -- Norse Energy Corp.’s creditors committee sued the company and its financial officers for $50 million Wednesday in New York bankruptcy court, accusing them of paying other Norse units a dividend that drained the company’s funds.

The creditors committee claims the company’s managers moved funds from a pool scheduled to pay unsecured creditors in the event of a bankruptcy to the Norwegian core unit — referred to in the complaint as ASA, for the word in Norway that refers to public stock companies — and Norse Energy...
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Case Information

Case Title

Norse Energy Corp. USA, a Corporation


Case Number

1:12-bk-13685

Court

New York Western

Nature of Suit

Date Filed

December 6, 2012

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