Oil and gas companies with names like Nowitzki, Teixeira, Modano and Woodson filed for bankruptcy on May 15, the Dallas Business Journal reported today. In all, a dozen Fort Worth, Texas-based oil and gas companies filed for chapter 11 bankruptcy protection. The names are references to Dallas Maverick Dirk Nowitzki, New York Yankee Mark Teixeira (a former Texas Ranger), former Dallas Stars player Mike Modano and former Dallas Cowboy Darren Woodson. Several other companies named after professional athletes also are listed. “They’re totally unrelated to the athletes,” said John Bonds, an attorney who is representing the companies in bankruptcy. Read more.
For further analysis of oil and gas company bankruptcy proceedings, be sure to pick up a copy of ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy.