Escalera Resources Co.—Filed for Chapter 11 Bankruptcy, Stock Delisted
Escalera Resources Co. Filed for Chapter 11 Bankruptcy, and its Stock Price Plummeted Before Being Delisted
Escalera Resources Co., the natural gas and crude oil company formerly known as Double Eagle Petroleum Co., has reportedly filed for voluntary Chapter 11 Bankruptcy, according to a voluntary petition in the United States Bankruptcy Court for the District of Colorado currently under review by attorneys Joe Peiffer and Jason Kane.
Reports from Colorado and Houston indicate that Escalara was purportedly also unable to make payments on $36.9 million in debt.
The Peiffer Wolf securities lawyers are currently investigating Escalera Resources Co.’s recent bankruptcy, and its investment recommendations by investment professionals to investors.
Escalera Resources Co. Continuing to Operate Business as Debtors-in-possession Under Court Jurisdiction
Escalera Resources Co. will continue to operate the business as debtors-in-possession under the Court Jurisdiction, according to a voluntary petition in the United States Bankruptcy Court for the District of Colorado currently under review by attorneys Joe Peiffer and Jason Kane.
Escalera has also filed a series of first day motions with the Court that will allow it to continue to conduct business without interruption, and Escalera also believes that 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, Court Documents report.
Escalera made news in April 2014 when it appointed former Denver oilman Neil Bush, the son of former President George H.W. Bush and the brother of former President George W. Bush, to its board. Neil Bush no longer serves on the board.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of companies filing for bankruptcy. They are currently investigating Escalera Resources Co.’s recent Chapter 11 Bankruptcy and their professional recommendations. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
The Peiffer Wolf securities lawyers would like to talk to investors who believe they lost money as a result of Escalera Resources Co.’s recent bankruptcy filing, and may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 585-310-5140.