U.S. petroleum company Venoco Inc. filed for chapter 11 protection on Friday, joining more than 40 energy-related firms that have sought court protection from creditors since oil prices started plummeting 18 months back, Reuters reported today. Denver-based-Venoco listed assets worth between $100 million and $500 million and liabilities of between $500 million and $1 billion. Venoco, which was taken private in 2012, previously said that it was discussing debt restructuring options with its secured lenders after missing a $13.7 million interest payment on senior unsecured notes. At the time, the company said it had enough liquidity to continue normal operations, but that declining oil prices and a pipeline closure were presenting "significant challenges." The oil and gas exploration and production company said the shuttered pipeline had cut its output by more than 50 percent. The case is in U.S. Bankruptcy Court, District of Delaware, Case No: 16-10655.
