Furie Operating Alaska files for Chapter 11 bankruptcy protection
Natural gas company Furie Operating Alaska filed for Chapter 11 bankruptcy on August 8th, saying production challenges as well as unpaid tax credits from the state led to unpaid debts.
According to the petition for bankruptcy, the company owes between $100 million and $500 million in unpaid debt, while only valuing their assets between $10 million and $50 million. The filing also says that Furie is owed around $105 million in unpaid tax credits. The company has experienced numerous setbacks in production and construction of their assets. In February of this year, they were unable to provide the Homer Electric Association with the amount of natural gas agreed upon in their contract, and in April of 2017, the company was fined $10 million for transporting a drill rig using a foreign vessel.
In their filing the company said they had “determined that a sale of all or substantially all of their assets and/or equity interests would maximize the value of their estates for the benefit of all stakeholders.”