Tri-Valley Corp. announced that the company, its wholly owned subsidiaries, Tri-Valley Oil & Gas Co., or TVOG, and Select Resources Corp., Inc., and TVC Opus I Drilling Program, L.P. ("Opus"), of which the company is the managing partner, filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code.
Tri-Valley's Chapter 11 Case is being administered under the caption "In re: Tri-Valley Corporation." The Debtors have filed a motion with the Bankruptcy Court seeking to jointly administer, for procedural purposes, all of the Debtors' Chapter 11 Cases under the caption "In re: Tri-Valley Corporation, et al."
Tri-Valley noted that it obtained a debtor-in-possession financing commitment of $11.05 million by its senior secured lender George T. Gamble 1991 Trust, of which $3.85 million represents new credit availability, to support the Debtors' business operations during the Chapter 11 Cases. The company added that upon approval by the Bankruptcy Court, the new debtor-in-possession financing and cash generated from the Debtors' ongoing operations will be used to support the business during the bankruptcy process.
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