Yuma Energy, Inc. Files for Chapter 11 Protection
YUMA ENERGY INC (YUMA)
NASDAQ:AMEX Investor Relations:
yumaenergyinc.com
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Source: PR Newswire
HOUSTON, April 15, 2020 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma", "Company", "we" or "our"), together with its subsidiaries Yuma Exploration and Production Company, Inc., Davis Petroleum Corp., and The Yuma Companies, Inc. (collectively, the Company and the filing subsidiaries, the "Debtors"), announced today that they have filed voluntary Chapter 11 petitions for relief under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court"). During the first quarter of 2020, Yuma's cash position deteriorated, and its cash flow from operations is no longer sufficient to cover its operating costs. The Company plans to continue to operate its business in the normal course during the court-supervised bankruptcy process. The Debtors intend to use the Chapter 11 process to implement the orderly liquidation of their assets in an effort to maximize values and recoveries to stakeholders. The Debtors intend to
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