Story last updated at
5:17 PM on
Wednesday, September 9, 2009
Court postpones decision on Cook Inlet platform
A federal bankruptcy judge in Delaware postponed a decision Sept. 1 on disposal of Pacific Energy Resources Inc. production assets in Cook Inlet until today to give potential buyers more time to line up financing, state officials monitoring the case said.
However, the court may accept an offer on other Pacific Energy assets, incuding its 47 percent share of the Trading Bay field in Cook Inlet by Toronto-based Ocar Energy, according to Nan Thompson, a state Division of Oil and Gas official. Pacific Energy, based in Long Beach, Calif., filed for Chapter 11 bankruptcy protection March 9. The company said it was a casualty of falling oil prices.
U.S. Bankruptcy Judge Kevin Carey had signed an order Aug. 18 giving preliminary approval to the sale of the Trading Bay assets to Ocar, but in the Sept. 1 hearing the Canadian company was still working to complete its financing, Thompson said. Trading Bay is operated by majority owner Chevron Corp.
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