Oilfield servicer GreenHunter Resources Inc. filed for chapter 11 protection on Tuesday as the distress facing its customers ripples out further into the oil and gas industry, Dow Jones Daily Bankruptcy Review reported today. The Grapevine, Texas, company said that despite taking such steps as slashing costs, layoffs and exiting its South Texas and Oklahoma operations to focus on Appalachia, its revenues have suffered as low oil prices continue to plague the exploration and production companies that form its customer base. GreenHunter's bankruptcy filing comes a little more than a month after its lender declared it in default on nearly $13 million in note debt. Read more. (Subscription required.)
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