Source - SMW
Oilexco has fought off an RBS move towards starting bankruptcy proceedings against the North Sea oil and gas explorer. The company has received an extension of protection under the Canadian Companies' Creditors Arrangement Act to July 7, allowing it to remain in possession and control of its remaining assets while it restructures. Oilexco requested Canadian court approval to participate in drilling a well in the North Sea as part of its restructuring attempt. The company says RBS strongly opposed the application and requested the court move in a way that would allow it to initiate a bankruptcy application in a short time frame. 'While the court rejected the company's request to participate in the drilling of a well, the court stated that it supports a successful reorganization. As such, the company will continue its restructuring efforts.'

Story provided by Business Financial Newswire