Yuma Strength has filed for Chapter 11 individual bankruptcy safety in the U.S. Personal bankruptcy Court docket for the Northern District of Texas. The business said its income posture deteriorated in the first quarter of 2020 and its income movement from functions was no for a longer period enough to include its running expenses.
It was trying to find court approval to maintain an auction “for substantially all” of its belongings, it said. The auction is expected to happen in the first 90 days of the individual bankruptcy. The belongings are generally properties in Louisiana, Texas, Wyoming, and Oklahoma.
Yuma said it may negotiate for new debtor-in-possession financing but was not selected all those negotiations would be successful. The business ideas to proceed to run its business in the ordinary class throughout the individual bankruptcy process.
“Our revenues and income posture have eroded to the issue of unsustainability generally pushed