Natural gas provider Quicksilver Resources Inc. recently filed for Chapter 11 Bankruptcy in Delaware due to debts and depreciating oil prices, Bloomberg Business reported on March 18.
According to the bankruptcy documents filed by the company, the business has a debt worth $2.35 billion while their listed assets were $1.21 billion. The company decided to file for bankruptcy after foreshadowing in February from an announcement that they would not be able to settle $298 million in bond interests that would mature in 2019. Quicksilver’s operations will not be affected by the Chapter 11 filing, the company said in a statement. In 2014, Quicksilver’s stocks fell hard due to the continuous drop in oil prices.
Waco lawyer Erin B. Shank, P.C., helps struggling business owners who have decided to file for Chapter 11 Bankruptcy. If you are in a situation like this, call her today at (254) 690-4110 to find out how she may work to help you regain secure financial footing.