Debt | Bankruptcy / Restructure Update | Financial Trouble | Capital Markets
PostRock Energy Files for Bankruptcy
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PostRock Energy Corp. announced that it and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Oklahoma to facilitate an orderly sale of substantially all of their assets. After extensively exploring alternatives and thorough consultation with its legal and financial advisors, PostRock’s board of directors determined, in consultation with its secured lenders, that an orderly sale of the Company's assets through a Chapter 11 process would be the most prudent and effective way to maximize value for PostRock’s creditors. PostRock does not expect any recovery for its stockholders and expects that its stockholders will lose their entire investment.
PostRock also announced the…
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