Oklahoma-based company seeks debt relief through bankruptcy | The Colpitts Law Firm
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Oklahoma-based company seeks debt relief through bankruptcy

There are many businesses in Oklahoma that have hard-working employees at their helm, dedicated to seeing the success of the company. Unfortunately, such hard work is not the only factor that influences a company's success. There are many others, often outside of the control of those who want to see a company succeed, that could impact the amount of money a company earns and its debt. One Oklahoma-based company is likely aware of this after petitioning for bankruptcy in order to seek debt relief.

The company, Chaparral Energy Inc., announced in April that it was considered in default after it was unable to pay a $16.5 million interest payment. The company hopes that regular operations will not be interrupted as it goes through the restructuring process. The company is hoping to eliminate over $1 billion of debt.

A spokesperson for the company claims that its debt issues stem from the current economic environment, which he described as depressed. Further, existing debt prevents the company from normal operations without taking action. Employees are hopeful that by reducing debt, they will be able to not only cope with the current economy but also become more financially stable.

This Oklahoma company isn't the only one facing financial difficulties as a result of current economical conditions. Private individuals as well are struggling with overwhelming debt. Fortunately, there are options that could lead to debt relief for both individuals and companies. An experienced bankruptcy attorney can help those suffering with an overwhelming burden evaluate their options and seek the most appropriate path.

Source: newsok.com, "Chaparral Energy files for bankruptcy protection", Adam Wilmoth, May 9, 2016

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