TXCO Resources filed for Chapter 11 bankruptcy protection in May. Since then, they have had a $32 million financing agreement approved. This will allow the company to continue operating through the restructuring.
The company was having trouble continuing operations because of fund raising difficulties. This ruling from the US Bankruptcy Court for the Western District of Texas will allow them to continue drilling operations and hold on to some assets.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.
