Michael Baker Corporation provided the following response to the Chapter 11 bankruptcy filing of one of its Energy segment’s managed services clients, Storm Cat Energy (USA).
“As indicated in Michael Baker Corporation’s Form 10-Q for the quarter ended September 30, 2008, which was filed with the Securities and Exchange Commission on the morning of November 10, [...]

Orbit Petroleum announces that effective October 20th, 2008 the Board of Directors has named Mike Myers as President of Orbit Petroleum, Inc. and President of the Company’s wholly owned subsidiary, Orbit Petroleum, Inc., Oklahoma, which is currently under a petition for reorganization under Chapter 11 of the United States Bankruptcy Code in Federal Court in [...]

ASARCO LLC announced that it is terminating its contract with Sterlite (USA), Inc., for the sale of its operating assets. ASARCO also announced that it will draw on the $50 million letter of credit posted by Sterlite when it signed the purchase contract on May 30, 2008.
“We are taking this action in light of Sterlite’s [...]

ASARCO LLC attorneys announced today at a status conference with the U.S. Bankruptcy Court in Corpus Christi, TX that the Company’s plan sponsor, Sterlite (USA), Inc., has stated that it cannot and will not close the sale transaction under the parties’ existing purchase and sale agreement without a reduction in the $2.6 billion purchase price [...]

America West Resources, Inc., a domestic coal producer with mining operations in Central Utah, announced that it has entered into a loan agreement that provides for up to $2.8 million of funding pending the entry of a final confirmation order allowing its wholly owned subsidiary, Hidden Splendor, to emerge from bankruptcy.
The $2.8 million one-year term [...]

On August 30, U.S. District Judge Andrew Hanen of Brownsville, Texas issued a 190-page opinion holding that Americas Mining Corporation (AMC), a subsidiary of Grupo Mexico S.A. de C.V., had perpetrated a fraudulent transfer to itself of ASARCO LLC’s controlling interest in Southern Peru Copper Corporation (SPCC). The judge ruled that “AMC closed the SPCC [...]

Americas Mining Corporation, an affiliate of Grupo Mexico SAB de CV (GMEXICO) submitted last evening a reorganization plan to retain its equity interest in its wholly owned indirect subsidiary, ASARCO LLC, by offering full payment to ASARCO’s creditors in connection with ASARCO’s Chapter 11 case. The plan, which was submitted to the Bankruptcy Court in [...]

PetroHunter Energy Corporation announced that it has entered into binding agreements with Falcon Oil & Gas Ltd. under which PetroHunter will sell and assign to Falcon an undivided 25% working interest in PetroHunter’s five Buckskin Mesa wells (and the applicable spacing units) in Rio Blanco County, Colorado (the “Five Wells”), which have been drilled but [...]

It is just reported by the media that A Delaware bankruptcy court judge will wait until Tuesday to decide whether SemGroup LP can receive a $250 million loan package that would keep it operational a little while longer.
Judge Brendan L. Shannon decided on Thursday he would delay ruling on the Tulsa company’s request for debtor-in-possession [...]

The Rosen Law Firm has recently published a report saying that a class action lawsuit has been filed on behalf of purchasers of SemGroup Energy Partners, L.P (“SemGroup” of “Company”) securities during the period from February 20, 2008 through July 17, 2008, including purchasers of SemGroup units sold through the Company’s February 13, 2008 secondary [...]