Medanito unit files for bankruptcy protection

Medanito unit files for bankruptcy protection

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Argentine oil company Medanito said its Chañares Energía unit has filed for bankruptcy protection, a latest blow as it seeks to emerge from a default. The decision came after the wholly owned subsidiary lost a concession contract to an oil field that had been a key source of revenue for the parent company. Medanito said earlier this month that it was taking legal action against Mendoza, the western province where the oil field is located, for the damages to compensate for the loss of the Chañare

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