Monitor Oil Files Bankruptcy
|Friday, November 23, 2007
The directors of Monitor Oil plc wish to announce that the Company and two of its subsidiaries, Monitor Single Lift 1 Limited and Monitor US Finco, filed voluntary Chapter 11 petitions for reorganization under the US Bankruptcy Code. This action was taken by the Company after careful consultation with its advisers with a view to seeking to preserve value in the Company's material assets. The Company expects that Debtor in Possession financing will be made available to the Company within the Chapter 11 process in order to allow restructuring opportunities to be considered and if thought appropriate, taken forward.