Monitor Oil Bankruptcy Shifts To Ch. 7

Law360, New York (December 11, 2008, 12:00 AM EST) -- A bankruptcy judge on Tuesday ordered the cases of Monitor Oil PLC and related entities converted to a liquidation proceeding under Chapter 7 at the request of bondholders and a U.S. trustee.

Judge Martin Glenn's order in the U.S. Bankruptcy Court for the Southern District of New York noted that the debtors’ counsel withdrew their objection to the conversion in a letter dated Dec. 8.

According to a memorandum of law filed by an attorney with the U.S. Trustee's Office in support of the conversion, the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.