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Wells Fargo, Bank of Montreal & Prudential File Involuntary Chapter 11 Bankruptcy Against Conex International, LLC and Affiliate

|Includes: BMO, PRU, VLI, Valero Energy Corporation (VLO), WFC
Wells Fargo Bank, N.A., Bank of Montreal, and The Prudential Insurance Company of America jointly filed involuntary chapter 11 bankruptcy petitions against Conex International, LLC and Advantage Blasting & Coating, Inc. in Delaware on Sunday.  The involuntary cases were filed two days after KYTX-CBS 19 of Tyler, Texas and The Beaumont Enterprise each reported that Conex had ceased its operations.  According to the company's website, Conex " is a performance-driven company offering mission critical services for the refining, petrochemical, and other process industries."  The company, headquartered in Beaumont, Texas, offered services in the following broad categories:

  • Turnarounds and Shutdowns
  • New Construction
  • Tower & Vessel
  • Maintenance
  • Heat Exchanger
  • Planning, Scheduling & Management
The petition filed against Conex International asserts that Wells Fargo is owed over $25.6 million, Bank of Montreal is owed over $17.6 million, and Prudential is owed over $10.5 million.  The basis for all three claims is identified as Conex's default on one or more credit agreements.  Counsel for the petitioning creditors is listed in court filings as Edwards, Angell, Palmer & Dodge LLP (for Wells Fargo) and Goldberg Kohn Ltd. (for Bank of Montreal).  
 
Key court filings to date include (click on the title of any document for more information or to purchase):


Read more: Bankruptcy News & Analysis: Wells Fargo, Bank of Montreal & Prudential File Involuntary Chapter 11 Bankruptcy Against Conex International, LLC and Affiliate http://blog.ch11cases.com/2011/02/wells-fargo-bank-of-montreal-prudential.html#ixzz1EaA0gv9U