The Lone Star State has long been known for its beer and barbecue. Now, unfortunately, it’s also becoming known for its bankruptcies, as an increasing number of Texas-based energy companies seek Chapter 11 protection in the wake of cratering crude prices.
Quicksilver Resources, an oil and gas producer that is headquartered in Fort Worth, is one of the most recent examples of Texas energy businesses being hit hard by depressed oil and gas prices. The company, and its 13 U.S. subsidiaries, recently filed for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the District of Delaware. Quicksilver’s petition lists assets of approximately $1.2 billion and liabilities of about $2.35 billion as of Dec. 31, 2014. None of the company’s Canadian subsidiaries were included in the Chapter 11 filing, and they will not be subject to the U.S. Bankruptcy Code’s requirements.
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