Westlaw News

BHP Billiton units press bankrupt Exco to release $9.3 mln in production proceeds

Two units of mining giant BHP Billiton Ltd have sued to compel Exco Resources Inc to turn over $9.3 million in production proceeds they say the bankrupt energy producer’s reorganization plan improperly comingles with other funds set aside for creditors.

“The debtors have proposed a plan that purports to eliminate BHP’s ownership rights and use such funds to make distributions to satisfy the claims of other creditors,” BHP Billiton Petroleum LLC and Billiton Petroleum Properties LP said in an adversary proceeding complaint filed on Thursday in U.S. Bankruptcy Court in Houston.

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