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Jumio Inc., a venture-backed identity verification business whose customers include United Airlines Inc. and Airbnb Inc., filed for bankruptcy yesterday with a plan to sell itself to Facebook co-founder Eduardo Saverin, the Wall Street Journal reported today. The chapter 11 filing was authorized by the company’s board on Sunday, according to the resolution filed with the court. Saverin, who also is the main creditor of Jumio, is offering to acquire Jumio out of bankruptcy for $22.7 million, much of which is composed of debt forgiveness in addition to $3.2 million in cash. His bid would be subject to rival offers through a bankruptcy court auction process.

Aspect Software, a provider of software systems and equipment for call centers, has filed bankruptcy so it can reduce a $795 million debt burden that has limited its ability to invest in next-generation products and services, CFO.com reported yesterday. Aspect said in its chapter 11 petition filed yesterday that a capital restructuring plan backed by its creditors would eliminate $320 million of second-lien debt and convert $60 million of first-lien debt into 100 percent of the reorganized company’s equity. Over the past three years, Aspect has invested $160 million in acquisitions, technology agreements and partnerships. It serves 2,200 call centers in more than 70 countries, generating annual sales of more than $400 million.

The owner of HomeTown Buffet and other buffet dining chains filed for chapter 11 protection, blaming a lawsuit that was not disclosed when its current owner bought the businesses in August, Reuters reported yesterday. Buffets LLC, an affiliate of Food Management Partners, in August paid an undisclosed amount for the chains Old Country Buffet, Ryan's, Fire Mountain and Tahoe Joe's, in addition to HomeTown, according to Food Management Partners' website. Those chains, which operate 150 restaurants, were part of the bankruptcy filing yesterday, according to court documents. The firm that sold the restaurant chains in August did not disclose a pending lawsuit, which resulted in an $11.4 million judgment, according to a statement from Peter Donbavand of San Antonio, Texas-based Food Management Partners.

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.) 

Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt with ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. 

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Regional carrier Republic Airways Holdings Inc filed for chapter 11 protection yesterday, blaming several quarters of falling revenue after having to ground aircraft amid a pilot shortage, Reuters reported yesterday. The Indianapolis-based short-haul carrier, which feeds flights to American Airlines Group Inc, Delta Air Lines Inc. and United Continental Holdings Inc. brands, listed assets of $3.6 billion and $3.0 billion of liabilities, court documents showed. Republic offers approximately 1,000 daily flights to more than 100 cities in the United States, Canada, the Caribbean, and the Bahamas. United said yesterday that it does not expect to change its flight schedules because of the bankruptcy. American said that it is too early to assess an impact on scheduling.

Craig Energy, a Denver-based oilfield services firm, filed for chapter 11 protection, the Denver Post reported today. Facing debt in excess of $45 million — more than $38 million of which is secured — Craig Energy listed assets of $26.2 million, primarily in equipment such as drill rigs, pumps and vehicles. Craig Energy's operations span formations as Bakken in North Dakota and Montana, Niobrara in Wyoming and Colorado, and Bone Spring in Texas. Court filings show that annual revenue sunk by more than 50 percent to $46.2 million in 2015 from the year before. Read more. 

Get an indepth look of what happens when an oil, gas or other natural resources company goes bankrupt with ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. 

Paragon Offshore Plc, the oil services company spun off just as crude began its plunge, filed for bankruptcy protection after announcing deals to reorganize its debt and avoid protracted legal battles involving its former parent, Noble Corp., Bloomberg News reported yesterday. Houston-based Paragon is the latest casualty of an oil market that has fallen more than 70 percent since June 2014, just weeks before the company was split off from Noble, in one of the most ill-fated spinoffs of recent years. Paragon has said that it will use the chapter 11 process to execute a restructuring agreement it announced on Feb. 12. Read more. 

Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt with ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. 

Sundevil Holdings Holdings LLC, which operates two gas-fired power plants in Gila Bend, Arizona filed for yesterday for chapter 11 protection, Reuters reported. The company, owned by private equity firm Wayzata Investment Partners, listed $100 million to $500 million of both assets and liabilities in its filing with the U.S. Bankruptcy Court in Wilmington, Del. The company said that it would seek court approval to borrow $45 million to support its operations during its bankruptcy.

Nora Pykkonen, who purchased Echo Mountain Resort in 2012 with plans to develop a private ski racing training facility, has filed for bankruptcy, the Denver Post reported today. Unable to repay the creditor who financed her original purchase, Pykkonen last Friday filed for chapter 11 protection, citing $1.45 million in debt to the resort's top 20 creditors, consisting mainly of $100,000 to $200,000 loans. The mother and co-founder of the Seattle-based Slalom Consulting management firm was pondering a move to Vail in 2012 to foster her family's avid pursuit of ski racing. Instead, she bought the 226-acre ski area in Clear Creek County and converted it into a private, membership-only training ground for school-age ski racers. She hired Olympic-level coaches and promised $5 million in upgrades. Ski clubs and university teams from across the country booked time and lanes. She sold memberships in her new Front Range Ski Club for $5,000. However, fees from race training were not enough to pay the bills.