Facing Eviction, Transmeridian Files For Ch. 11

Law360, New York (March 24, 2009, 12:00 AM EDT) -- Oil and gas producer Transmeridian Exploration Inc. has filed for Chapter 11 protection, citing its landlord's demand that it pay more than $600,000 in back rent and other costs.

The Houston-based company and two wholly owned subsidiaries, Transmeridian Exploration Inc./BVI and Bramex Management Inc., filed their voluntary petitions Friday in the U.S. Bankruptcy Court for the Southern District of Texas, citing assets of approximately $378 million and liabilities of $452 million.

The debtors continue to operate their businesses on a “limited” basis at this time, the...
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