The recent economic troubles and volatility in energy prices have forced the Texas based oil and gas giant TXCO Resources Inc. and its subsidaries to file for bankruptcy.  The company stated that they were unable to meet their short term payments to vendors. 

TXCO filed for Chapter 11 bankruptcy, meaning the  company can continue to operate their business under court supervision.  They also asked for debtor-in-possession, or DIP, financing of up to $32 million.

TXCO’s shares closed on Friday, May 21st on Nasdaq.

If you or someone you know is in danger of bankruptcy contact the Galveston Chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.