Mar 21, 2017 (New Generation Research via COMTEX) --
Privately-held Montco Offshore and one affiliated Debtor filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 17-31646. The Company, which operates supply vessels for the offshore energy industry, is represented by Vincent P. Slusher of DLA Piper. According to documents filed with the Court, "With the downturn in the oil and gas industry and the sustained decrease in commodity prices from the beginning of the second half of 2014 through early 2016, companies across the industry faced severe pressures in terms of reduced revenue streams, earnings and cash flows, as well as increasing difficulties to meet certain creditor obligations. Operators in the industry, who served as customers to each of the Debtors, substantially reduced their existing production and implemented severe cutbacks in capital spending. These market conditions have impacted oil and gas companies at every level, as many companies in the industry have filed for bankruptcy protection since the beginning of 2015." Montco Offshore's Chapter 11 petition indicates assets of $265 million.