Trident Resources files for Chapter 11
(Reuters) - Trident Resources Corp and its affiliates filed for Chapter 11 bankruptcy protection late on Tuesday, citing a significant drop in natural gas prices and fluctuations in foreign exchange rates, court documents showed.
In a filing with the U.S. Bankruptcy Court for the District of Delaware, the natural gas producer listed estimated assets in the range of $1 million to $10 million and estimated liabilities in the range of $500 million to $1 billion.
The Calgary, Alberta-based company said in an affidavit that the global economic crisis and significant drop in natural gas prices had a hurt its ability to generate revenue and maintain consolidated EBITDA levels.
Trident Resources consists of a group of affiliated corporations in Canada and the United States in natural gas explorations and development.
The company had natural gas and oil leasehold interests in about 1.7 million gross acres as of June 30, 2009, of which about 75 percent were undeveloped.
The case is In re: Trident Resources, U.S. Bankruptcy Court, District of Delaware, No. 09-13150.
(Reporting by Chakradhar Adusumilli in Bangalore; Editing by Valerie Lee)
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