Matra Petroleum U.S. units’ creditors demand payment of $73.6 million

By Caroline Salls

Pittsburgh, June 10 – Matra Petroleum AB announced Monday that Legacy Texas Bank and Melody Business Finance have demanded payment of at least $73.6 million of Matra’s U.S. subsidiaries’ obligations.

According to a news release, the creditors have also requested that collateral for the loans be sold at foreclosure sales on July 2. Matra said the collateral includes essentially all of its oil and gas assets.

The company said the U.S subsidiaries have not secured refinancing, are considering liquidation options, and will take action in accordance with relevant insolvency legislation in the United States.

Matra is a Chertsey, England-based oil and gas exploration and production company.

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