Perforadora Oro Negro, an offshore drilling contractor, filed for bankruptcy in the U.S. Friday, seeking an investigation into allegations that the owner of a major competitor teamed up with Mexico’s state-owned oil behemoth to drive Oro Negro out of business, WSJ Pro Bankruptcy reported. The company, which is carrying nearly $1 billion in debt, sought chapter 15 protection, the part of the U.S. bankruptcy code that deals with international insolvencies, in U.S. Bankruptcy Court in New York. If its request for chapter 15 is approved by Judge Shelley Chapman, who will oversee the case, Oro Negro will receive the benefits of U.S. bankruptcy law, including the so-called automatic stay that halts lawsuits and prevents creditors from seizing assets.
