Odyssey files for bankruptcy protection
PUCKETT — Odyssey Petroleum Corp. U.S. says it has filed for Chapter 11 bankruptcy protection, hoping for a break from creditors while it sorts out financial difficulties.
The company owes almost $2 million to its largest creditors, including more than $1 million for an arbitration award and about $129,000 to the Internal Revenue Service.
Odyssey said in a statement that it’s negotiating with several parties to obtain new funding, though it did not release any details.
Odyssey is a wholly owned subsidiary of a Canadian company that engages in the acquisition, exploration, and development of oil and gas properties. The company owns five fields in Mississippi, including ones in Rankin, Smith and Scott counties.
The case was filed April 23 in U.S. Bankruptcy Court in the Southern District of Mississippi.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Analyst: KiOR Columbus plant may end up sold as scrap
- Warden who lives hundreds of miles from jail resigns
- Jail kitchen supervisor pleads guilty to stealing food
- DAVID DALLAS: Savor this Thanksgiving and be grateful
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Hunting-weapons legislation passes House
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi