Pharma Investments, Ventures & Law Weekly
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Foothills Resources, Inc.
Foothills Resources, Inc. Files for Reorganization
March 1st, 2009
Foothills Resources, Inc. (BULLETIN BOARD: FTRS) (the "Company") announced that it and its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court in Wilmington, Delaware. The Company plans to use this process to restructure its debt, which the Company expects will result in a substantially de-levered capital structure more suited to support its current operations in light of existing commodity price conditions. The Company's operations are expected to continue as normal throughout the bankruptcy process while it develops a reorganization plan to resolve its operational and liquidity issues. The...
Source: Pharma Investments, Ventures & Law Weekly (2009-03-01)
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