A unit of a struggling Denver energy company has filed for bankruptcy protection.
Denver-based Triangle Petroleum Corporation (Nasdaq: TPLM) said its wholly owned subsidiary, Triangle USA Petroleum Corp. (TUSA), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
"TUSA expects to continue its operations without interruption and has more than adequate liquidity to fund its operations during the restructuring process. At the time of its Chapter 11 filing, TUSA had approximately $88 million in cash and cash equivalents," the company said in a statement.
Read more from the Denver Business Journal: http://bizj.us/1n68ao.
