The Quotes are Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.




Companies News

    Advertisement

 

Norse energy's US subsidiary files for Bankruptcy protection

7 December 2012
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange,Norway; “NSEEY” ticker U.S. OTC) announces that its US subsidiary, Norse Energy Corp.USA, has filed a voluntary petition for Chapter 11 Debtor in Possession (“DIP”) protection and reorganization under the United States Bankruptcy Code.

The company said on its website Friday morning and now the company will try to reorganize the U.S. operations, restructure debt and say they will work to protect shareholders' investment.

A court in New York had decided that Norse Energy must seek $ 7.65 million as collateral while the court battle is ongoing.
The company said in late November that the amount is so huge for the company that "it increases the uncertainty whether the Company will be able to somehow meet its debt obligations and other agreements when they expire."
See additional report here fro the company's website  

 By Scancomark.com Team


We welcome your contribution. Did you find anything wrong with this article? Do you want to contribute to our news network? Do have a news tip or assist us with a correction

Print Friendly and PDF