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Maxus’ Bankruptcy Trust to Go to Trial Against Ex-Owner Repsol

June 23, 2022, 10:41 PM

A trust handling the aftermath of Maxus Energy Corp.'s Chapter 11 case will have to go to trial to get the defunct energy company’s former owners, YPF S.A. and Repsol S.A., to assume Maxus’ liabilities, including costs to cleanup New Jersey’s Passaic River.

Delaware Bankruptcy Judge Christopher S. Sontchi on Wednesday rejected Maxus Liquidating Trust’s motion for summary judgment against YPF and Repsol.

Maxus’ biggest liability is its obligation to clean up part of Passaic River, a requirement that’s already cost $700 million and is estimated to eventually cost as much as $14 billion, according to Sontchi’s decision.

In 2016, ...