Despite the global need for oil and petroleum, one company was forced to file for bankruptcy this month. As a result of the bankruptcy filing, its shares plummeted 45 percent when news of the bankruptcy went public.

According to the bankruptcy documents filed in Denver this month, the company listed debts of $310.7 million and assets of $375.5 million. After reviewing their financial circumstances, company executives decided to file Chapter 11 bankruptcy. This will allow them to continue operations while sorting out their debts.

The company has been searching for a buyer for months now to no avail. With nobody to finance their operations, the company was forced to file for bankruptcy in order to keep operations up and running. With a judge's approval for bankruptcy, the company hopes to borrow up to $57.5 million to run the company short-term. This is intended to be a Band-Aid solution for a much larger problem.

Is your business on the verge of filing for bankruptcy in Texas? Contact the Malaise Law Firm today to schedule a consultation with a Houston bankruptcy attorney that can advise you of your options as well as your rights.