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Rocky Mountain E&P Escalera Files Chapter 11
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Escalera Resources Co. has filed a voluntary petition in the United States Bankruptcy Court for the District of Colorado seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code. The Company believes the Chapter 11 process will provide the greatest flexibility to pursue viable options for asset sales or other alternatives with the goal of maximizing the value of the Company.
Assets:Escalera will continue to operate the business as debtors-in-possession under the jurisdiction of the Court. The Company has filed a series of first day motions with the Court that will allow it to continue to conduct business without interruption. These motions are designed primarily to minimize the impact on the Company's operations, customers and employees. In connection…
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