Epic Energy Resources Inc., Houston, (OTC: EPCC) plans to file a petition for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the District of Colorado. The filing will include the company's operating subsidiary, Epic Integrated Services Inc. All customers and clients of Epic Energy will continue to be serviced by the company's personnel and work crews in the ordinary course, and without interruption.
Epic Energy's board authorized the filing of the Chapter 11 petition in order to protect and preserve the assets and operations of the company. In conjunction with the filing, the company intends to file a variety of motions that will allow it to continue to manage all of its ordinary, day-to-day operations. The motions include approval of debtor in possession financing, requests to continue to pay wages and benefits to the company's employees and to assist in the post-filing operation of the company in the ordinary course of business.
Epic Energy has also reached an agreement in principal with the debenture holders of Epic's 10% secured debentures due December 5, 2012 to provide the company with a debtor-in-possession financing during the reorganization.
Epic Energy is an integrated energy services company, with branch offices in Sheridan, Wyoming; Denver, Colorado; Sidney, Montana; Fort Worth, Texas; and Shreveport, Louisiana. Epic provides business and operational consulting; engineering, procurement, and construction management; production operations and maintenance; specialized training, operating manuals, data management and data integration focused primarily on the upstream, midstream and downstream energy infrastructure.
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