Denver-based Battalion Resources LLC has filed for Chapter 11 bankruptcy protection, citing liabilities of about $83.4 million, the Denver Business Journal reported today. Associated with Battalion’s voluntary bankruptcy petition, filed Sept. 8, are the chapter 11 bankruptcies of three Storm Cat Energy subsidiaries. Battalion said in its petition to the court that its principal assets were in Sheridan and Campbell counties in Wyoming, and said its total assets had a value of $3.5 million. It listed total liabilities at $83.4 million, of which $39.9 million was owed to secured creditors, according to the petition. Battalion also said in court filings it had sold “substantially all” of its assets to Powder River Holdings as of Aug. 2. The company indicated in its petition that after administrative expenses are paid, there won’t be any money left to repay unsecured creditors. It estimated that its creditors numbered between 1,000 and 5,000. Read more.
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