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

By Kat Greene (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 Holdings Inc.

The company then used the money from Holdings as its own, the creditors...

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