Consolidated Seeks Bankruptcy Protection: Consolidated Oil &...
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Consolidated Seeks Bankruptcy Protection: Consolidated Oil & Gas Inc., recently taken over by a group of disgruntled investors, has filed for Chapter 11 reorganization in U.S. Bankruptcy Court. In its filing, Consolidated listed assets of $38.6 million and liabilities of $51.5 million. The Denver company has been under financial pressure in recent years because of slumping oil and gas prices. In 1987, it reported a $9.3-million loss, compared to a loss of $21.5 million the previous year.
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