Home turf: Denver
Infinity may seek bankruptcy protection
Denver-based player Infinity Energy Resources has warned it may be forced to seek bankruptcy protection if it does not rein in its liabilities.
The company said it must pay $7.1 million to Amegy Bank by 31 May, but does not have the funds to do so.
"If we cannot find a satisfactory resolution to our liquidity problems, we may be forced to cease operations and may be required to liquidate," the company said in a filing with the Securities & Exchange Commission.
Infinity incurred a net loss from continuing operations of $30.9 million last year, and $58.8 million for the year before that.
The company's annual report, filed on Monday with the SEC, showed an operating loss of $33 million on revenue of $9.4 million for 2007. The company had a working capital deficit of $30.2 million as of 31 December.