Oil Exploration Co. Seeks To Sell Assets Under Ch. 11

Law360, New York (October 30, 2013, 6:26 PM ET) -- Goldking Holdings LLC and its subsidiaries entered Chapter 11 on Wednesday in Delaware, hoping to sell the oil and gas company's assets after alleged mismanagement by a former CEO and failed drilling efforts led to financial woes.

Goldking, which owns Goldking Onshore Operating LLC and Goldking Resources LLC, owes between $1 million and $10 million to its creditors, according to its petition. The Texas-based company reports its assets are worth between $50 million and $100 million.

Chapter 11 bankruptcy will allow the company “to obtain much-needed...
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