Yuma Electricity has filed for Chapter eleven personal bankruptcy security in the U.S. Personal bankruptcy Court for the Northern District of Texas. The enterprise reported its income posture deteriorated in the 1st quarter of 2020 and its income movement from operations was no extended adequate to go over its functioning charges.
It was in search of courtroom approval to maintain an auction “for considerably all” of its assets, it reported. The auction is envisioned to take place in the 1st ninety days of the personal bankruptcy. The assets are generally attributes in Louisiana, Texas, Wyoming, and Oklahoma.
Yuma reported it may possibly negotiate for new debtor-in-possession financing but was not specified those people negotiations would be thriving. The enterprise designs to carry on to run its organization in the regular training course in the course of the personal bankruptcy process.
“Our revenues and income posture have eroded to the level