Matra’s U.S. Unit Files Bankruptcy After $2.4 Million Exec Fight

Matra Petroleum AB’s U.S. subsidiary filed for bankruptcy in Texas after a former executive obtained a court order that forces the oil and gas company to pay him a $2.4 million judgment.

Houston-based Matra Petroleum USA Inc.'s Chapter 11 filing listed more than $70 million in funded debt owed to a group of affiliated debtors.

Matra, based in Sweden, formed its U.S. subsidiary in 2013 after a series of acquisitions. The U.S. operation weathered a recent commodity price downturn by changing operations, obtaining additional financing and renegotiating its debt payment agreements, it said in July 31 court filings.

But a ...