Dec 16 (Reuters) - Delta Petroleum Corp filed for Chapter 11 bankruptcy protection early on Friday, a month after the U.S. oil and gas producer warned about its liquidity issues.
The Denver, Colorado-based company listed estimated assets and liabilities in the range of $100-$500 million, according to a court filing.
Delta, which is struggling to find financing to repay debt that matures next year, has seen its stock lose most of its value this year.
In November, Delta said following its review of strategic alternatives, it had not received any concrete offers regarding an acquisition or additional financing.
The company had earlier warned that if a transaction to address its liquidity issues does not take place, it would be required to seek protection under Chapter 11 of the U.S. Bankruptcy Code.
The case is Delta Petroleum Corp, Case No. 11-14006, U.S. Bankruptcy Court, District of Delaware.
I read about this but i am not quite sure if the company is worthy even 1/10th of what is mentioned in the article. Remember, KK has invested close to a billion dollars and if the company is worth that much, he would have TAKEN IT PRIVATE AT $5/SHARE. But the very fact that he isn't investing anymore in this company, suggests that many corporates are waiting for them to file BK and then buy the company in the BK courts.
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