GreenHunter Resources Inc. and several of its subsidiaries have filed for Chapter 11 bankruptcy protection.
In a late Tuesday news release, the Grapevine-based company said those operations will continue to operate as “debtors-in-possession” under the jurisdiction of the bankruptcy court.
Those entities are expected to sell substantially all assets pursuant to bankruptcy code with an anticipated closing date of May 5, 2016.
In connection with the Chapter 11 cases, the company this week filed a motion seeking bankruptcy court approval of debtor-in-possession financing on terms set in a contemplated debtor-in-possession credit facility. With court approval, that facility would provide for senior-secured loans in the aggregate principal amount of about $3.5 million.
GreenHunter Resources Inc. is a diversified renewable energy company focused primarily on water resource management in oil and shale resource plays. More information is available at www.greenhunterenergy.com