Maxus Energy official retiree committee appointment motion approved

By Caroline Salls

Pittsburgh, Nov. 15 – Maxus Energy Corp.’s request for appointment of an official committee of retirees for its Chapter 11 case was granted Tuesday by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Maxus may seek to modify or terminate the benefits provided to retiree plan participants.

As a result, the company said the retiree committee should be appointed to provide the plan participants with an authorized representative for negotiations.

Since it filed for bankruptcy, Maxus said it has continued to provide various non-pension retiree benefits to about 560 members of its former workforce under the plans that may be modified or terminated.

The official committee of unsecured creditors appointed in the bankruptcy case and the U.S. Trustee overseeing the case have no objection to the retiree committee appointment, the motion said.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed bankruptcy on June 17 under Chapter 11 case number 16-11501.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.