Delta Petroleum Files for Bankruptcy After Failed Sale
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Delta Petroleum Corp., an oil and natural-gas explorer and developer whose largest shareholder is Kirk Kerkorian, sought bankruptcy protection after failing to find a buyer. Its shares plunged as much as 45 percent.
The Denver-based company listed $375.5 million in assets and $310.7 million in debt in Chapter 11 papers filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.