Monday, April 17, 2017

Argentine oil company trying to duck $1.38B NJ cleanup?

Scott Fallon reports for The Record:

Argentina’s state-run oil company is trying to avoid paying a substantial portion of the $1.38 billion Passaic River cleanup by declaring one of its key subsidiaries bankrupt, state lawmakers said Thursday.

The move by the company, YPF SA, has prompted a rare joint hearing by the Senate and Assembly environmental committees tomorrow in Lyndhurst to discuss ways to ensure the company pays its fair share of one of the largest toxic cleanups in U.S. history.

“They’re simply trying to duck their responsibilities,” said state Sen. Christopher “Kip” Bateman, R-Somerville, who co-sponsored a resolution with Democrats condemning the bankruptcy filing.

Michael Turner, a spokesman for YPF SA’s subsidiary, declined to comment Thursday.

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