Oro Negro Drilling unit admitted to concurso mercantil proceeding

By Caroline Salls

Pittsburgh, Nov. 8 – Oro Negro Drilling Pte. Ltd. unit Integradora de Servicios Petroleos Oro Negro SAPI de CV filed for and has been admitted to a concurso mercantil insolvency proceeding, according to a news release.

In opening the proceeding, Oro Negro said the sitting court granted several injunctions, including orders prohibiting Integradora from making payments on outstanding obligations that matured before the admission of the application, suspending any foreclosure proceeding against the rights and property of Integradora, prohibiting Integradora from disposing or encumbering its main assets and prohibiting Integradora from transferring funds or securities to third parties.

In addition, Oro Negro’s 7˝% senior secured bond trustee Nordic Trustee ASA was ordered to refrain from carrying out any actions affecting assets or rights, a guaranty agreement entered into by guarantor Integradora, subordinated intercompany loans, an amendment and restatement deed and ancillary documents.

The court also admitted a lawsuit filed by Perforadora, Integradora and several Oro Negro Singapore companies to declare ineffective several acts carried out by Nordic Trustee at the request of some bondholders, OND, Pte, Ltd. and Roger Arnold Hancock and Roger Alan Bartlett.

According to the release, these acts included a notice by Nordic Trustee attempting to declare an event of default under the bond agreement, the removal of the directors of the Singapore companies, including Oro Negro, Oro Negro Primus, Pte. Ltd., Oro Negro Laurus, Pte. Ltd., Oro Negro Fortius, Pte. Ltd., Oro Negro Decus, Pte. Ltd. and Oro Negro Impetus, Pte. Ltd. and the alleged designation of Hancock and Bartlett as new directors of the Singapore companies.

The acts also included resolutions adopted on Oct. 9 by Hancock and Bartlett, including the appointment of attorneys in fact and the termination of powers of attorney previously granted by the Singapore companies and a withdrawal made by Manuel Ruiz de Chavez Gutierrez de Velasco as allegedly appointed attorney in fact in connection with the insolvency filing made by the Singapore companies.

In connection with the lawsuit, the company said the court will also decide on a claim that would require Nordic Trustee and Oro Negro to pay Integradora at least $916.1 million in punitive damages for not complying with the provisions of applicable Mexican law and for taking actions aimed at destroying the business of the Oro Negro Group.

The court also admitted a motion filed by Integradora and the Singapore companies, with the purpose of challenging the legal capacity of the allegedly appointed attorneys in fact who have sought to withdraw the filing for insolvency of the Singapore companies.

By accepting the motion, the court decided not to accept the withdrawal of the filing for insolvency of the Singapore companies, awaiting the resolution of the motion to render a judgment.

Oro Negro is an oil and gas services company based in Alvaro Obregon, Mexico.

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