Maxus Energy Corp.'s deal with its corporate parent, YPF SA, over who is on the hook for the cleanup of New Jersey's contaminated Passaic River hit a hurdle on Monday in bankruptcy court, Dow Jones Newswires reported yesterday. Occidental Chemical Corp., Occidental Petroleum Corp.'s chemical subsidiary also known as OxyChem, is balking at Maxus's proposed environmental settlement with YPF and the subsequent bankruptcy filing. At issue is a deal that calls for YPF to provide Maxus with $130 million in return for Maxus dropping any "alter ego" claims it may have against its parent for cleaning up the river. Maxus filed for bankruptcy on Friday, days before OxyChem was slated to head to court in New Jersey over litigation seeking to put YPF on the hook for Maxus's environmental obligations. OxyChem purchased part of Maxus's business in 1986.
