An energy company primarily doing business in Alaska has filed for bankruptcy protection.
The Peninsula Clarion reports Miller Energy Resources Inc. Thursday filed paperwork with the bankruptcy court in Alaska.
Officials cited the decline in oil prices, lower-than-expected drilling production and the withdrawal of a private lender’s promise of $165 million to restructure debt for the filing.
Miller Energy CEO Carl Giesler says they have an agreement with a lien lender which owns most of the debt, and that will allow them to clear up most problems after restructuring.
Giesler says employees will continue to work, get paid and shouldn’t expect layoffs.
The filing comes after the U.S. Securities and Exchange Commission charged the company and three officials of inflating the value of the company’s Alaska oil and gas properties by $400 million.