Liftboat supplier Montco Offshore Inc. filed for bankruptcy Friday in Houston, as the downturn in energy prices continues to be felt across the oil and gas industry.
The company listed $265 million in assets and $136 million in liabilities in its Chapter 11 filing. Most of the debt consists of loans secured by assets including a six-vessel fleet.
Galliano, Louisiana-based Montco said in court papers that the commodity slump which began in 2014 forced clients to defer maintenance and other tasks, “leading to a decrease in demand” for the company’s services.
The company was also stung by the August 2015 ...
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