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GreenHunter Resources Chapter 11 Petition Filed

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According to the U.S. Bankruptcy Court docket, GreenHunter Resources (pka GreenHunter Energy) and 12 of its subsidiaries filed for Chapter 11 protection. The Company, which provides oilfield and shale-related services to the Appalachian Basin, is represented by Larry A. Levick of Singer & Levick.

According to documents filed with the Court, “The reasons for the Debtors’ bankruptcy filings are largely based on the poor economic conditions facing the energy industry. Since the Debtors’ customers are largely oil and gas companies…, the Debtors’ revenues have been similarly impacted. In addition, the Debtors were originally in the renewable energy business which was not profitable.”

GreenHunter Resources announced that it anticipates conducting a Section 363 sale of substantially all of the Debtor’s assets pursuant to the Bankruptcy Code with an anticipated closing date of May 5, 2016. The Company has arranged for $3.5 million in senior secured super priority term loans to fund the Chapter 11 process.

Read more energy bankruptcy news.

The post GreenHunter Resources Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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