Bankrupt oil company wants payments back

The city of Homer is filing a response to a request from an oil company seeking the return of thousands of dollars in previous payments to businesses.

The Homer News reports Australian company Buccaneer Oil filed for Chapter 11 bankruptcy in May of last year. The city, Homer Electric Association and several business received letters from the company’s trustee saying preferential payments made to them in the 90 days before the bankruptcy filing had to be returned.

Moore & Moore Services owner Lloyd Moore says he’s still owed $10,000 from Buccaneer Oil that he’ll never see, and now the company wants back the money it did pay him.

Letter recipients argue payments were made to them through the ordinary course of business and are not subject to return.

Previous articleAlaska News Nightly: Wednesday, July 22, 2015
Next articleSenators seek hearing on Walker’s Medicaid expansion plans
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

No posts to display