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Cox Oil collateral usage objected to by Prime Energy
Chicago, July 7 – The use of cash collateral by Cox Oil Offshore, LLC has been objected to by Prime Energy, according to a document filed with the U.S. Bankruptcy Court for the Southern District of Texas.
Prime Energy argues that it has a claim of property arising from work it did for Cox represented on April invoices amounting to $204,764.50.
Prime Energy asserts that the proceeds of any sale of property securing its privileges constitutes a use of cash collateral and the claimant says that it does not consent to the use of its cash collateral.
The Dallas-based drilling company filed bankruptcy on May 14 under Chapter 11 case number 23-90324.
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