Tulsa-based Midstates Petroleum Co. is one of the latest companies to file Chapter 11 bankruptcy as the energy downturn adds another victim.
Midstates, an Oklahoma company with 120 full-time workers filed Friday in Houston bankruptcy court listing liabilities ranging from $1 billion to $10 billion and more than 25,000 creditors. The paperwork said the company’s assets ranged from $500 million to $1 billion, nearly 18 months after the firm moved its headquarters from Houston to Tulsa.
The decision, according to bankruptcy court documents came after the board of directors considered the advice of financial and legal advisors regarding the liabilities and liquidity situation of the company. The firm also blamed low commodity prices as the reason for its financial problems.
A debut hearing was scheduled to be held this week for Midstates Petroleum before Houston bankruptcy judge David R. Jones.
Midstates Petroleum was joined Friday in bankruptcy court by Houston-based Ultra Petroleum Corp., a firm with 159 full-time employees. Ultra listed $3.8 billion in unsecured debt and said it made the move to bankruptcy court after failing to reach a debt-restructuring agreement with its lenders and bondholders.
A debut hearing was scheduled to be held this week for Midstates Petroleum before Houston bankruptcy judge David R. Jones.
