According to the U.S. Bankruptcy Court docket, Red Mountain Resources (f/k/a Teaching Time) and three affiliated Debtors filed for Chapter 11 protection in Austin, TX.
The Company, which engages in the acquisition, development and exploration of oil and natural gas properties, is represented by Howard M. Spector of Spector & Johnson. In its cash collateral motion, the Company explains, “Any interruption of the Debtors’ cash flow would severely and irreparably harm the operations of the Debtors and the value of the Debtors’ estates. The Debtors must have access to their cash to continue to generate revenue from their energy investments and operations. The Debtors’ cash position is such that, without the continuing use of their cash, the Debtors cannot meet any of their operating expenses.”
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