Yeah that’s what happens in bankruptcy. Not sure how it’s particularly noteworthy.
Company runs out of money, declares bankruptcy, then company and the court determine how they will move forward. Often, they dissolve the company and use whatever money they get to pay off as many debts as they can in order of priority.
Taxes are kind of low on that list, but before shareholders. They got $2m, everything else is written off
CzechUsOut on
$9.3M is a drop in the bucket when we are talking about tens of billions of direct and indirect revenues from the sector.
Brilliant_Let6532 on
Add to that tab a likely environmental liability of old wells and abandoned infrastructure (and God knows what else) that will need to be cleaned up at taxpayers‘ expense.
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Yeah that’s what happens in bankruptcy. Not sure how it’s particularly noteworthy.
Company runs out of money, declares bankruptcy, then company and the court determine how they will move forward. Often, they dissolve the company and use whatever money they get to pay off as many debts as they can in order of priority.
Taxes are kind of low on that list, but before shareholders. They got $2m, everything else is written off
$9.3M is a drop in the bucket when we are talking about tens of billions of direct and indirect revenues from the sector.
Add to that tab a likely environmental liability of old wells and abandoned infrastructure (and God knows what else) that will need to be cleaned up at taxpayers‘ expense.