CANADIAN oil and gas operator Oilexco, whose UK subsidiary Oilexco North Sea (ONS) is in administration, has obtained a court order for bankruptcy protection under Canadian law.
It says the order permits Oilexco, including its subsidiary Oilexco Technical Services, to remain in possession and control of its property, carry on its business, retain employees and other service providers and restructure its operations.
Oilexco said the order did not affect the rights of the Royal Bank of Scotland and other lenders to shares in ONS, which were pledged by Oilexco as security for its obligations as guarantor of sums owed by the UK business.