Yuma Vitality has submitted for Chapter 11 bankruptcy safety in the U.S. Personal bankruptcy Courtroom for the Northern District of Texas. The business said its income situation deteriorated in the very first quarter of 2020 and its income circulation from operations was no extended sufficient to cover its operating expenses.
It was searching for courtroom acceptance to keep an auction “for substantially all” of its belongings, it said. The auction is anticipated to come about in the very first 90 days of the bankruptcy. The belongings are primarily qualities in Louisiana, Texas, Wyoming, and Oklahoma.
Yuma said it could negotiate for new debtor-in-possession financing but was not specified people negotiations would be successful. The business options to proceed to operate its company in the normal class in the course of the bankruptcy procedure.
“Our revenues and income situation have eroded to the issue of unsustainability primarily pushed by the significant