WASHINGTON (dpa-AFX) - Oil and gas exploration company Delta Petroleum Corp. (DPTR) Friday said it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
Carl Lakey, Chief Executive Officer and President of Delta said, 'After reviewing all of our alternatives, the Company's management and Board of Directors, working in consultation with outside legal and financial advisors, unanimously determined that the Chapter 11 process would provide the opportunity for the best result for our creditors, shareholders, suppliers, employees and customers.'
Additionally, the Company will seek Court approval of a debtor in possession financing facility of $57.5 million arranged by it to address longer term liquidity needs as it works through the bankruptcy process.
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