Oceanografia to keep Pemex contracts in bankruptcy, judge rules

8/18/2014

Oceanografia to keep Pemex contracts in bankruptcy, judge rules

ISABELLA COTA and BEN BAIN

CIUDAD DEL CARMEN, Mexico (Bloomberg) -- A judge in Mexico ordered state oil company Petroleos Mexicanos not to cancel contracts with Oceanografia SA, the services provider that Citigroup Inc. says defrauded the bank of $400 million.

The Aug. 15 decision, released Aug. 18 on a Mexican judiciary agency’s website, requires Pemex to allow the Ciudad del Carmen-based company to continue working on existing projects. The ruling, which grants some requests from the mediator involved in the restructuring, also prevents Pemex from collecting collateral and payments under administrative proceedings against the company.

The move will let Oceanografia keep a regular source of income while in bankruptcy and under the guardianship of the government, according to the ruling.

“It is evident that Pemex requires the services provided by this company,” according to the judge’s order.

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